Gold posted a slight increase today, after hitting a notable rise of around 1% in the previous session, as the price moved above the simple moving average 9 on the four-hour timeframe.

Gold is currently trading within a symmetrical triangle pattern, noting that if it manages to break through the bearish trend line then maintains its trading above it, the yellow metal could extend its gains towards $3396 then $3421.

On the downside, if gold fails to break the bearish trend line, it will lose its positive momentum to retest the weekly pivot point at $3353. It is worth mentioning that a fall below the aforesaid pivot point could push prices towards the weekly support levels of $3328 then $3286.

Investors will closely watch a plethora of Fed speakers, as they gather clues about the extent of Fed rate cuts this year. On Friday, Fed Chair Jerome Powell said that he was open to changing interest rates, which supported gold prices.

On the economic data front, investors will be waiting for the release of key economic data later this week, particularly U.S. Core Personal Consumption Expenditures index, the Fed’s favorite inflation measure. Analysts expect annual Core PCE inflation to stabilize at 2.8%. A higher-than-expected reading could prompt the Fed to reconsider cutting interest rates next month.

The U.S. will also release its second reading GDP reading for the second quarter of 2025, with analysts expecting growth to 3.0%, following a contraction of 0.5% in the first quarter.