Gold opened the week’s trading on a notable increase of 2.4%, underpinned by holding above the ascending triangle (in orange), to hit an all-time high of $4620 per ounce.

Gold is currently trading above the first weekly resistance level of $4568, seeking to stabilize above this level to continue breaking new records, targeting the second weekly resistance level of $4626 then $4640, which aligns with the upper boundary of the bullish channel.

If the yellow metal takes a breather, then falls below the bullish channel’s middle line, it may begin forming a downward corrective wave that could extend towards support levels at $4400 then $4290.

On the economic front, markets are awaiting this week’s consumer price index reading to gauge inflation in the United States for December.

Economists expect the consumer price index to stand at 2.7% for the twelve months to December, matching November’s pace.

In terms of economic events, on Monday, the focus was on Fed Chair Jerome Powell, who has said the Justice Department had served subpoenas to the central bank over comments he made last summer about a building renovation project.

Powell said the Justice Department had threatened to unveil a criminal indictment related to Powell’s testimony about cost overruns at a $2.5 billion renovation of the Fed’s Washington headquarters.

In a different context, Trump’s response to a violent crackdown on protests in Iran was another source of uncertainty at the onset of the trading week.

The president has said the U.S. will meet with Iranian officials and had made contact with opposition members in the country, as he deliberates on whether military options could be used, Reuters has reported. Speaking on Air Force One, Trump said Iran “wants to negotiate.”

Finally, markets are eagerly awaiting the US Supreme Court’s decision on the legality of Trump’s use of emergency law to impose tariffs on U.S. imports. It is worth noting that the Supreme Court’s ruling is expected Wednesday.