Gold prices opened today’s trading on a notable increase of 0.6% after touching a one-month low of $3244. Gold is currently trying to regain its upward march, as it eyes a sustainable move above the SMA 9 on the 4-hour timeframe.

Gold is currently trading above the weekly pivot point at $3307, where holding above it could push the yellow metal prices towards resistance levels of $3359 then $3455.

On the downside, if gold prices fail to cling above the weekly pivot point at $3307 then stabilize beneath the bullish trendline, it will lose its positive momentum, thereby probably retesting support levels near $3222 and 3170.

From a fundamental standpoint, central bankers from around the world are due to gather in the Portuguese town of Sintra this week, facing major questions over issues like trade tensions and recent violence in the Middle East — and their collective impact on inflation and growth.

Much of the discussion is expected to center on the U.S dollar’s pivotal role as a global safe haven, especially considering the increasing pressure from President Trump on Fed Chairman Jerome Powell to cut interest rates.

On the economic data front, markets will likely be paying close attention to the latest nonfarm payrolls report for June, due on Thursday. Economists anticipate that a total of 120,000 jobs were added during the month, retreating from a hiring pace of 139,000 in May.

Finally, the U.S. services and manufacturing PMI are likely to grab attention. If the data exceeds expectations, it could negatively impact gold prices. On the flip side, a deterioration in performance of these major sectors could have a positive impact on gold prices.