XAUUSD

Gold is hovering just above the 3674.52 pivot level, waiting for the critical data of the week. The most important developments for Gold, which is a non-interest-bearing asset, will be Powell's speech on Tuesday and the Core PCE data, the Fed's preferred inflation gauge, to be released on Friday. Powell's dovish messages and an inflation outcome in line with or lower than expectations could quickly drive Gold towards the resistances of 3691.61, 3700.85, and 3709.95. In the opposite scenario, a hawkish Fed stance and high future inflation data could create selling pressure on Gold, pulling the price back to the support levels of 3657.97 and 3639.85.