Gold prices were steady on Monday after opening slightly up, supported by SMA 9 as the price is moving above it on the 4 -hour chart. Meanwhile, gold is moving within a bullish channel, suggesting that prices could extend their gains on the short term.

Gold is currently trading above the daily pivot point at $2899, awaiting further positive momentum to resume its upward direction towards $2940. If the price manages to stay above this level, it may soar towards $2971 then the upper line of the bullish channel near $3000.

If gold fails to hold above the daily pivot point at $2899, it will lose its positive momentum and may retest the first support level at $2868. It is worth noting that settling below the aforesaid support could drive prices lower to $2828.

As for economic data, investors will closely watch U.S. Consumer Price Index (CPI), which is expected to retreat to 2.9% in February Y-o-Y from 3% in January. If data exceeds expectations, this will indicate the presence of some inflationary pressures and may prompt the Federal Reserve to keep interest rates higher for a longer time.

In addition, the U.S. will release its Job Opening (JOLTS), where forecasts point to a rise to 7.710 million in January, representing an increase from the previous reading of 7.600 million. If the data miss forecasts, it could raise concerns about the health of the labor market, which could increase pressure on the dollar and have a positive impact on gold prices.

Finally, President Donald Trump’s trade policies are likely to be under scrutiny this week. Last weekend, Trump announced a temporary delay in imposing a 25% tariff on most goods coming from Canada and Mexico until April 2.

Despite market relief from the decision, investors remain concerned about the confusion caused by ongoing threats and reversals in Trump’s trade policies, which raise concerns about inflation and recession.