Gold

Key Indicators

• The $3,950/40 support zone is crucial for the upcoming sessions held last week. The zone represents a significant support level for this week.

• Despite the overall momentum remaining bearish, technical indicators on the 1-hour chart suggest the price is in a short-term recovery from the recent decline.

Fundamental Context

Some of the key data points expected to dictate this week's gold price movements include the US CPI inflation data, which is due on Tuesday. Meanwhile, geopolitical developments in the Middle East and concerns about inflation continue to be the main factors influencing market activity this week.