Despite the pullback, gold prices remain strong
- Gold prices corrected as investors took profits following a brief consolidation near recent highs but maintained an upward bias amid uncertainty over Trump's tariffs and policy plans.
- Meanwhile, strong ETF inflows and weak US economic data, reinforcing rate cut expectations for Jul, supported gold prices.
- All focus is on this week's core PCE release to gauge gold's short-term direction.
Technical:
- XAUUSD topped out around 2952, confluence with the 200% Fibo Extension. The price is still above both EMAs and the ascending trendline, indicating the upward structure is still intact.
- If XAUUSD breaks below the ascending trendline and the support at 2880, the price may prompt a further correction to retest the following support at 2790.
- On the contrary, if XAUUSD stays above 2880, the price may retest the previous swing high of around 2952.
- Meanwhile, strong ETF inflows and weak US economic data, reinforcing rate cut expectations for Jul, supported gold prices.
- All focus is on this week's core PCE release to gauge gold's short-term direction.
Technical:
- XAUUSD topped out around 2952, confluence with the 200% Fibo Extension. The price is still above both EMAs and the ascending trendline, indicating the upward structure is still intact.
- If XAUUSD breaks below the ascending trendline and the support at 2880, the price may prompt a further correction to retest the following support at 2790.
- On the contrary, if XAUUSD stays above 2880, the price may retest the previous swing high of around 2952.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.