Consumer confidence data will be the focus of investors tonight as it is expected to influence the further gold price market as a whole.
This data will measure the views and confidence of the people of the United States (US) towards their country's economy.
In addition, investors are also cautiously awaiting other data that will be released throughout the week such as unemployment claims, preliminary Gross Domestic Product (Prelim GDP q/q) and the Core PCE Price Index.
Based on the daily chart, the price of gold is currently in a state of .
Investors expect the situation to be influenced by war sentiment in the middle east which seems to have subsided between Hezbollah and Israel.
On the XAU/USD daily chart that measures the value against the US dollar where the price is around the 2510.00 level.
If the price wants to increase, we can wait at the 2524.00 zone for the price to test at that level.
If the price manages to break through the 2524.00 level, the next target is at the 2530.00 level for the price to reach that resistance.
On the other hand, if the price wants to continue its decline, we can expect a price reaction at the 2497.00 level.
The 2473.00 level will be the focus for price to test the zone if the price manages to break through the price of 2497.00.
