Gold is in a correction trend Can it break a new high next week？

GOLD XAUUSD This week, the gold market has experienced dramatic price fluctuations. Although the price of gold has once pulled back due to profit-taking and technical pressure, the overall performance is still on an upward trend. As of press time, the spot gold price was reported at $2,882.85/ounce, a slight drop from the record high of $2,942.70/ounce at the beginning of the week, but the cumulative increase this week was close to 0.8%. Although the price of gold has experienced a pullback this week, it is still expected to record a seventh consecutive week of gains, which undoubtedly reflects the strong support of the current market.

US President Trump's latest remarks on tariffs, weak US economic data and the weakening of the US dollar have provided safe-haven support for the gold market and attracted a lot of investor attention. At the same time, the technical side of gold is also undergoing some adjustments, and market sentiment remains relatively complicated.

Gold market trends this week

On Tuesday, spot gold hit a record high of $2,942.70/ounce, followed by a significant pullback, mainly affected by profit-taking. Peter Grant of Zaner Metals pointed out that the failure of gold prices to break through the all-time high has formed a potential double top pattern, which has become a signal of short-term adjustment. Although this technical pullback has failed to change the overall upward trend of gold, it also reflects the divergence of market sentiment and the caution of some investors.