Currently, in today's trading session, the price has completely escaped from the previous parallel downtrend channel. At the time of writing, precious metals are still below the supply zone of $2,038-2,042 and are trading within the familiar range, with the last support level at $2,015 that needs to be protected by the price increase.
In the short term, increased geopolitical tensions in the Middle East also benefit the price of Gold in the context of global safe haven shift.
Now, attention is shifting to the US Job Openings and Labor Turnover Survey (JOLTS) data to get new insights into labor market conditions ahead of the Fed's policy announcement on Wednesday and the release of Non-Farm Payrolls data on Friday.
With the current picture, we are expecting a short-term price surge with an expected increase to $2,060, while breaking above this resistance level will open up new opportunities for this precious metal as mentioned on the 12-hour chart.