Gold opened this week’s trading on a notable rise, as it hit an all-time high over $3400 an ounce, where the Simple Moving Average is providing positive signals as the price moves above it on the 4-hour chart.

Meanwhile, gold is moving within a bullish channel, trading near the first resistance level at $3393. Clearing the aforesaid resistance could open the way to record more record highs, targeting $3457.

On the downside, if gold fails to break above the first resistance at $3393, it may indicate a loss of momentum, potentially driving the price lower to the weekly pivot point at $3293. A break below the pivot point may dump prices to support levels $3228 then $3128.

As for the economic data due this week, the services and manufacturing PMI figures in major economies are likely to grab attention. If the data exceeds expectations, it could negatively affect gold prices. On the other hand, deterioration in these sectors’ activities could trigger recession woes and thereby have a positive effect on gold prices.

In addition, Investors are closely watching the IMF meetings in Washington amid global concern over Trump’s trade policies. Countries are using the tariff truce to negotiate with Washington and avoid further tensions, though experts doubt the outcome. The IMF warned that these policies threaten the global economy and called for easing trade disputes.

Finally, Markets also await comments from Fed officials for clues on future monetary policy, following Trump’s sharp criticism of Powell’s policies and his intention to fire the Fed’s Chief.