Spot gold is currently trading at $1991.02 per ounce. The market is still patiently waiting for more new, positive fundamental news to determine the direction of gold.

On Tuesday, the Federal Reserve will release the minutes of its latest meeting.

Market expectations that the Fed has ended the interest rate hikes, this is often referred to as the "Fed turn" shift may prompt the U.S. Treasury yields further down and the dollar weakened, thus boosting gold prices and other risk assets.

But gold prices to break through the $2,000 per ounce mark, may also need significantly weaker economic data to support.

Looking at the daily gold chart, gold prices have managed to stay above the middle rail line of the Bollinger Band channel, indicating that the long momentum is holding for now.

The first resistance level for gold price is the overnight high of $1,987.80, then last week's high of $1,996.40, and further to the $2,000 mark, which shows stronger resistance.

And the first support level is the overnight low of $1,972.50, then $1,959.00, and further strong support is located near $1,930.

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