Gold Price Forecast: XAU/USD is looking for direction right below $4,100

• Gols found support near $4,040 but remains unable to extend its recovery beyond $4,100.
• Investors remain cautious ahead of the release of delayed US data.
• Technically, Gold shows ongoing bearish pressure, although momentum indicators are turning flat.

Gold's (XAU/USD) reversal from monthly highs near $4,250 hit last week has been contained above $4,040, but the precious metal is trading sideways on Monday with upside attempts capped below the $4,100 so far. Investors are looking from the sidelines, awaiting the release of delayed US macroeconomic data.

Precious metals are wavering, with choppy trading prevailing during the Asian and European sessions. Recent comments from Fed officials have been tilted to the hawkish side, providing some support to the US Dollar, but traders are reluctant to place directional bets, awaiting a backlog of US macroeconomic figures for a more precise outlook on the US economy and the Federal Reserve's monetary policy.

Technical Analysis: Treading water halfway through November's range

The technical picture remains moderately bearish, following a 2.6% reversal over the last two trading days. The 4-Hour Relative Strength Index (RSI) has flatlined below the 50 level, and the Moving Average Convergence Divergence (MACD) continues to print red bars in the histogram. Although the MACD line is showing signs of bottoming, this suggests that the immediate bearish trend is losing momentum.

The pair has strong support in the area around $4,040, where the 61.8% Fibonacci retracement of the early November rally meets the November 14 low. This Fibonacci level is a common target for corrections. Nevertheless, below here, the target is the $4,000, a psychological level, and the 78,6% Fibonacci retracement of the same cycle.

Resistance is at the mentioned $4,100a area (session highs) ahead of the November 11 high and November 13 low of $4,170, which guards the path towards last week's highs of $4,210 and $4,250 (November 14 and 13 respectively).