XAUUSD entered a correction phase at the start of the session after Friday's rally, triggered by positive fundamentals...
Gold is falling after Friday's rise, triggered by Powell's unexpectedly dovish comments in Jackson Hole. He confirmed the Fed's readiness to cut rates in September amid risks to employment and economic growth. The probability of a September rate cut has risen to 88%.
Gold is correcting after a sharp jump, but the downside potential is limited. Market attention is focused on PCE inflation data this week
Technically, the decline in gold prices may be temporary as the market continues to reassess the prospects for the Fed's dovish policy. The key factor will be Friday's PCE data, which will confirm or adjust expectations for an aggressive rate cut.
Support levels: 3358, 3350, 3340
Resistance levels: 3375, 3405
The 3358-3350 area acts as a strong support zone, and it is also worth paying attention to the previously broken downward consolidation resistance. The market may test the support zone before rising, and a false breakdown and consolidation above the support level could have a bullish impact on the market...
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