Gold stabilized after opening this week’s trading on a slight increase, as it hit an all-time high at $3246, where the Bollinger Bands is providing positive signals as the price moves above its middle line. Meanwhile, the price is eyeing penetration through the indicator’s upper line, with stability above it to resume the bullish trend on the medium term.

Gold is currently trading near the upper line of the breached bullish channel, looking forward to a sustained move above it to achieve new historical highs at $3336 then $3435. 

On the downside, if gold fails to hold above the upper line of breached bullish channel, it may retest the daily pivot point at $3146. It is worth noting that a stability beneath the aforesaid pivot point, may dump prices near support levels at $3047 then $2857.

On the other hand, U.S. President Donald Trump announced a delay in tariffs on Chinese electronics like phones and computers, seen as a temporary pause in the trade war. However, he stressed that the goal remains to reduce U.S. dependence on China, especially in tech.

Additionally, Federal Reserve Chair Jerome Powell is due to speak on monetary policy. Any signals about cutting interest rates could boost gold prices, while comments regarding holding the borrowing cost for longer may have a negative impact on the yellow metal.

On the U.S economic data front, investors are waiting for key economic data later this week, particularly Retail Sales. Analysts expect the monthly data to rise 1.4% in March, following a 0.2% advance in February.