Gold prices inched up during today’s session, looking to resume their gains after hitting a notable increase of 2.2% in the previous session, where the price moved above the simple moving average 9 on the four-hour timeframe.

Gold is currently trading above the weekly pivot point at $3331, looking to maintain its trading above it to extend its gains towards resistance levels at $3395 then $3427.

On the downside if gold fails to maintain trading above the pivot point at $3331, it will lose positive momentum then retest the first support level at $3299. If the price settles below the bullish trend line, it could retreat towards the second support level at $3236.

From a fundamental standpoint, the swath of higher tariff levies Trump unveiled last week are due to come into effect on August 7.

Among the slate of tariffs was a 39% levy on Switzerland, which has reportedly shocked officials and business leaders in the Alpine nation, as well as a 25% duty on India and 20% on Vietnam.

However, these countries can still negotiate a new trade pact with Washington before the deadline arrives.

Markets may be keeping close tabs on potential talks between Trump and Canadian Prime Minister Mark Carney, in particular. Canada now faces a 35% import tariff on its goods not covered by the U.S., Mexico, Canada Agreement, a trade deal signed during Trump’s first term in office.

On the economic data front, Tuesday’s services activity index is likely to be among the most closely watched data, where the ISM Services PMI is predicted to show a widening expansion to 51.5 July from 50.8 in June.

Finally, investors will try gather clues about the Fed’s next move when a number of FOMC members speak, including Bostic, Daly, Cook and Bowman.