Gold gathers bullish momentum and trades above $2,650 on Monday. News of China planning to inject further stimulus into the economy boosts XAU/USD as investors gear up for this week's key data releases and central bank meetingsFrom a technical perspective, any further strength above the $2,648-2,650 supply zone is likely to confront some resistance near the $2,666 region. Some follow-through buying beyond the $2,672 hurdle will be seen as a key trigger for bulls and allow the Gold price to aim to reclaim the $2,700 round figure. The momentum could extend further towards the next relevant hurdle near the $2,722 area.
On the flip side, weakness below the $2,630 immediate support could drag the Gold price back towards the $2,614-2,613 area. This is followed by the $2,605-2,600 support zone and the 100-day Simple Moving Average (SMA), around the $2,586-2,585 region. A convincing break below the latter should pave the way for deeper losses and expose the November swing low, around the $2,537-2,536 area.