Technical Analysis:
Currently trading around 2374 we might see price first going towards 2390-2396 and them we can look for sells, or if price goes towards weekly FVG below around 2345 and then it can retrace towards upside and continue pushing downside.
Fundamentals:
Gold dropped to around $2,370 per ounce on Thursday, hitting its lowest level in two weeks as investors turned cautious ahead of key US economic data releases that could offer insights into the Federal Reserve's potential rate-cut timing.
Key focal points include the preliminary Q2 GDP figures due later today, followed by the June PCE price index report on Friday.
The advance estimate for Q2 GDP growth is expected to show a 2% expansion, up from 1.4% in Q1, while the PCE price index is forecasted to rise by 0.1% after remaining unchanged in May.
Markets are now fully pricing in a September rate cut, with two additional reductions anticipated before the end of the year.
Elsewhere, there are expectations of increased physical demand from India, the world’s second-largest gold consumer, following the government's reduction of its gold import tax from 15% to 6%.
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
