The yellow metal rose slightly during early trading on Monday, as it looks to regain its strength to resume its main upward trend in the near term.  

Gold is currently trading near the weekly pivot point at $3999, noting that if it manages to stay above, it could rise towards the first weekly resistance level of $4112. If gold stabilizes above, it may rise to the second resistance level of $4222.

On the downside, if gold fails to stabilize above the weekly pivot point at $3999, it will lose positive momentum and retest the support levels of $3889 then $3776. 

From an economic standpoint, attention has turned to the ongoing U.S. government shutdown, which is nearing a record for the longest in the nation’s history.

Importantly, the shutdown has deprived investors of several key data points essential for assessing the U.S. economy. While the September inflation report was released late last month, other crucial indicators of job growth remain unpublished.

Federal Reserve policymakers have likewise been left without the usual data they rely on to adjust interest rates, adding to the uncertainty surrounding borrowing costs for the remainder of 2025.

Following a 25-basis-point drawdown in rates last week, Fed Chair Jerome Powell suggested that officials could become more cautious about further cuts should it face a dearth of further job and inflation reports.

On the economic agenda, investors are awaiting the release of the U.S. ADP Employment this week, which will be particularly important in the absence of non-farm payrolls (NFP) data, which is usually considered the most important indicator of the U.S. labor market.

Finally, the U.S. ISM service and manufacturing PMIs for October are likely to grab attention. If these indicators rise above expectations, it could negatively affect gold prices, prompting investors to make decisions to abandon the yellow metal, while the opposite is true.