XAUUSD

Gold has stabilized at the pivot level of 2332.57. Strong support levels are at 2309.33, 2219.65, and 2178.72, while resistance levels critical for upward potential are at 2386.40, 2421.01, and 2485.40. The precious metal will focus on the employment data expected from the U.S. this week and the speech of Fed Chairman Powell. If the expected employment growth in the U.S. slows down (on Thursday), gold prices may break above the resistance of 2386.40 and move towards 2421.01 with the expectation that the Fed will approach a rate cut. However, if Powell maintains a hawkish tone, gold may pull back to the support level of 2309.33.