Technical Analysis:
GOLD is currently trading around 2437 and price is near ATH will not be a good idea to buy from here. We can look for selling opportunity with the confirmation in gold till lower levels 2390-2380. If price give structure shift on 15min tf to the downside we can go for selling.
Fundamentals:
The main driver for gold is that there is a soft U.S. dollar and sentiment is being boosted on the basis that the Federal Reserve is expected to cut rates soon.
The dollar index> DXY remained subdued, making greenback-priced bullion more attractive to buyers holding other currencies.
Data last week showed signs of cooling inflation and traders now expect a 65% chance of a U.S. rate cut by September. (FEDWATCH)
Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
Minutes of the Fed's last policy meeting due on Wednesday along with comments from a slew of Fed speakers will be on investors' radar for this week.
"Gold prices sneaked in a cheeky record high ahead of China's (market) open on Monday. Yet as the move has not been confirmed with by a weaker U.S. dollar, it seems to have been caught a tailwind from higher metals futures on China's exchanges,
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