Technical Analysis:
Currently trading around 2392, price is overall bearish for gold and near its resistance areas. We might see price breaking down towards 2380 soon. 15min tf has already gives a MSS towards down but price is very choppy right now.
Fundamentals:
Gold prices are likely to trade on a weaker note as jewelry demand in China, a top consumer of the precious metal, continues to slip amid high prices, says Prathamesh Mallya, Deputy Vice-President Research at Angel One. China's net gold imports via Hong Kong fell 18% in June on lower jewelry demand amid high prices, he says. Traders are awaiting U.S. economic data that could confirm the likelihood of a Fed rate cut, with the CME FedWatch Tool indicating a 100% chance of its occurrence by September, which would lower the opportunity cost of holding the non-interest yielding metal, he adds. Gold is last at $2,391.00/oz.
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