Market participants will closely monitor upcoming economic data and policy signals. In particular, the release of US home sales data may influence short-term price action. Furthermore, Trump’s executive order directing a probe into copper markets adds further uncertainty, potentially affecting broader commodity prices. Moreover, with persistent inflation concerns and ongoing trade tensions, gold remains highly sensitive to shifts in risk sentiment.
Gold (XAU) Technical Analysis
Gold Daily Chart – Correction
The daily chart for gold shows that the price has fluctuated around $2,950 for the past few days. This consolidation highlights the importance of this price region. If gold fails to break $2,950, the price will likely pull back to stabilize before the next move higher. However, the overall trend remains strongly bullish. A break above $2,950 will initiate a move toward $3,000-$3,200. In a strong correction, the $2,800 level remains a key support. A drop to $2,800 will be a good buying opportunity with a target of $3,000 to $3,200.
