Gold traded slowly following the week's early opening as prices were more flat than the drastic plunge seen at last week's close.
The indicator that the market will watch is the PCE price index data that measures the personal spending of consumers in the United States (US) on Friday.
Before that, on Thursday tomorrow attention will be paid first to the US economic growth data for the final reading for the first quarter of 2024.
The data that has an impact on the movement of the US dollar will also affect changes in the current value of gold.
Right now the focus is on the statement delivered by members of the Federal Reserve (Fed) who remain hawkish on their monetary policy, and support the US dollar.
Thus, a little price pressure can be seen on the XAU/USD chart which measures the value of gold against the US dollar.
A slow decline in prices is seen continuing today's trade to around 2310.00 as of the opening of the European session.
The price is seen getting closer to the 2300.00 concentration zone which is expected following the rekindled strengthening of the US dollar.
In fact, the price could drop lower below that zone before the target will shift to around 2270.00.
But it is not impossible if the price of gold jumps back towards trading at the end of this week.
The price increase if it passes yesterday's level around 2337.00 will expect the level reached last week to be tested again.
Next, the concentration zone at 2800.00 will be the next target to aim for if the price of gold continues its climb.
