Technical Analysis:
Currently trading around 2464 we might see price dropping towards 2440-2445 zone. If we see any MSS we can look for buying or if we don't get any MSS price can drop down too we have imbalance left below on 1D time frame too.
Fundamentals:
* Top Federal Reserve officials said on Wednesday the U.S. central bank is "closer" to cutting interest rates given inflation's improved trajectory and a labour market in better balance, remarks that set the stage for a first reduction in borrowing costs in September.
* Markets expect a 25 basis point (bp) reduction at the Fed's September meeting, according to CME's FedWatch Tool. Lower interest rates put pressure on the dollar and bond yields, which increases the appeal of non-yielding bullion.
* U.S. economic activity expanded at a slight to modest pace from late May through early July with firms expecting slower growth ahead, a Fed survey showed.
* Meanwhile, the European Central Bank is all but certain to keep interest rates unchanged on Thursday while signalling that its next move is still set to be a cut, even if this guidance is likely to be vague and carry caveats.
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
