After finishing last week flat with a gain of only $0.90 per ounce, gold’s near-term neutral outlook with the one week view points to an average target of $1,779 and suggests that the beginning of an uptrend is unlikely. However, most experts are bullish in the one month view and suggest the average target price of $1,790 per ounce. The Relative Strength Index (RSI) indicator on the daily chart continues to move sideways near 50, confirming gold’s indecisiveness in the short-term. On the upside, interim resistance seems to have formed at the $1,790/93 area (static level, 50-day SMA). A daily close above this level could open the door for additional gains toward $1,800 (psychological level) and $1,810 (100-day SMA, 200-day SMA). On the downside, static supports are located at $1,770, $1,760 and $1,750. Among these levels, the second one seems to be particularly significant with gold having suffered heavy losses the last time it broke below it on August 9. Despite the broad-based USD strength, gold managed to stay resilient throughout the week with the risk-averse market environment allowing the precious metal to find demand. After edging higher toward $1,800 during the first half of the week, gold edged lower on Thursday and ended up closing the week virtually unchanged a little above $1,780. In the week starting today (Monday), IHS Markit will release the preliminary August Manufacturing and Services PMI reports for Germany, the euro area and the US on Monday. In case those reports confirm that inflation will remain high for longer than expected, the US dollar could preserve its firm footing. On Wednesday, July Durable Goods Orders data from the US will be looked upon for fresh impetus ahead of Thursday’s weekly Initial Jobless Claims report. Finally, the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred gauge of inflation, will be featured in the US economic docket.