Macro:
- 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.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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