Gold rose on Monday after hitting an all-time high at $3005 in the last session, supported by SMA 9 that provided some positive momentum, as the price is moving above it on the 4-hour chart.

Currently, gold is trading above the breached upper line of the bullish channel, awaiting further positive momentum to resume its upward direction towards $3033. If the price manages to stay above this level, it may soar towards $3081.

If gold fails to hold above the breached upper line of the bullish channel, it will lose its positive momentum and may retest the daily pivot point at $2956. It is worth noting that settling below the aforesaid pivot point could drive prices lower to $2908, then $2831.

As for economic data, investors are closely watching the release of several important economic data this week, which could have a significant impact on short-term market trends. The main highlight will be the Federal Reserve’s interest rate decision, noting that analysts predict U.S. policymakers will keep rates unchanged at 4.5%.

Additionally, the minutes from the Federal Open Market Committee (FOMC) meeting will provide insights into future monetary policy, particularly regarding interest rates. Gold could rise if there are hints of a rate cut, while any indication of rate hikes or stable rates would negatively impact gold.

Markets are also awaiting U.S. jobless claims data, with expectations of an increase to 222,000 from the previous 220,000. If the data is worse than expected, it could raise concerns about the health of the labor market, which would increase pressure on the dollar.