GOLD confluent resistance stops the uptrend

Gold prices lost ground on Monday following a strong performance last Friday, pressured by rising U.S. Treasury yields - a situation that generally diminishes the appeal of the non-interest-bearing asset relative to fixed-income securities. In this context, XAU/USD finished the session around $2,030, slightly below a confluence resistance zone near $2,035.

Many investors appeared to adopt a wait-and-see approach on the precious metal at the start of the new week, refraining from making large directional bets for fear of being caught on the wrong side of the trade. This cautious sentiment was likely attributed to an important event on the U.S. economic calendar on Thursday: the release of the core PCE deflator, the Fed’s favorite inflation gauge.

Forecasts suggest January's core PCE increased 0.4% month-over-month, resulting in a slight deceleration of the annual reading from 2.9% to 2.8%. However, traders should brace for the possibility of an upside surprise in the data, echoing the trends observed in the CPI and PPI surveys disclosed earlier this month. This could inject volatility into financial markets.

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USD🇺🇸
GDP (QoQ) (Q4) 

Previous: 3.3% 
Expect: 3.3% 

Current: 3.2%

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April gold futures have a near-term advantage despite a three-month downtrend on the daily bar chart. Bulls aim to surpass solid resistance at $2,083.20 while bears seek to push prices below technical support at $2,000.00. Immediate resistance lies at $2,053.20 and $2,061.00, while support is found at $2,033.40 and $2,025.00.