Technical Analysis:
We have a MSS on gold to the bearish side, currently price is on 1D fvg and also price took asian lows so we can expect price to reach for a mitigation block around 2450 before it again crashes down from there.
Fundamentals:
Gold dropped near $2,420 per ounce on Friday, retreating further from record highs as the dollar rebounded on robust US economic data, although bets for Federal Reserve interest rate cuts remained intact.
The greenback was bolstered by stronger-than-expected manufacturing growth in the US Mid-Atlantic region for July, while the rise in weekly jobless claims was seen as a result of seasonal factors.
Nevertheless, bullion is on track for its fourth consecutive weekly gain, driven by growing optimism that the Federal Reserve will reduce rates as early as September.
Markets now indicate a 98% chance of a rate cut by the Fed at its September meeting, according to CME's FedWatch Tool.
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