Technical Analysis:
GOLD is trading around 2372 and gold can dip towards 2363 before retracing today to the upside. Already on 4H we have started seeing price is trying to retrace and forming buying candles. If price retraces back towards 2396 or above area we can star looking for sells.
Fundamentals:
Gold prices rise but are on track for a modest weekly loss amid some profit taking and broader negative sentiment across commodities this week. Futures trade 0.7% higher at $2,369.80 a troy ounce after retreating in the previous session on stronger-than-expected 2Q GDP data from the U.S. Still, traders maintain their bets that the Federal Reserve will start cutting interest rates in September as they await PCE price index data later in the day. "That number is expected to show a slight slowdown from 2.6% to 2.5% [on year], although we may see a certain quickening in the monthly figure," Swissquote Bank's Ipek Ozkardeskaya says in a note to clients. "But all in all, if not catastrophic, the Fed will probably hint that a rate cut is coming in fall, when they meet next week.
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