Gold’s pullback from its new record high appears to be losing momentum as the market awaits crucial US economic data

Gold prices showing some resilience after the recent pullback is quite interesting. The Doji candle on Monday suggests that the corrective phase might be losing momentum, especially with support holding around the $2390 mark. The $2427 level, which corresponds to the daily Tenkan-sen, seems to be a key resistance point for any recovery.

The upcoming US Q2 GDP and June PCE data will likely be pivotal in shaping the gold market’s near-term direction. Investors will be keenly watching these economic indicators to gauge the health of the US economy and potential signals about future Fed rate cuts.

In terms of technical levels:

• Resistance: 2411, 2421, 2427, 2445

• Support: 2388, 2366, 2363, 2352

A lift above $2427 could signal a firmer bullish trend, while holding above $2363 would maintain a larger bullish bias despite any short-term consolidation or further attempts to break below $2390.