Gold (XAU/USD is undergoing a modest pullback on Wednesday, as markets assess the implications of a United States (US)–Japan trade agreement and remain cautious ahead of further developments in the European Union (EU)–US negotiations.
Despite the correction, XAU/USD is holding above the $3,400 mark, supported by lingering tariff risks and broader policy uncertainty.
Attention now turns to incoming US economic data for near-term direction. The June Existing Home Sales report, on Wednesday, will provide insight into consumer resilience and housing market trends amid elevated interest rates.
Existing home sales are a key economic indicator, offering a snapshot of housing demand and overall economic momentum. With over 90% of residential transactions involving existing properties, the data reflects shifts in consumer confidence, mortgage affordability, and broader financial conditions. For June, sales are forecast at 4.01 million units, slightly down from 4.03 million in May, signaling a potential cooling in the market amid elevated borrowing costs.
Source: Fxstreet
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