XAUUSD

Gold is trading just below the pivot level of $3308.29 and exhibiting a constrained price movement. The FOMC meeting minutes to be released on Wednesday will be decisive for gold prices. Hawkish messages from the minutes could trigger a decline in gold to the support levels of $3270.88 and $3249.54. On the other hand, dovish messages could push the price back above the pivot level of $3308.29, initiating a rise towards the resistance levels of $3329.63 and $3367.04. Investors may adopt a cautious stance ahead of the FOMC minutes.