Technical Analysis:
GOLD is currently in bearish trend and is currently trading around 2410. We have a 4H FVG which might push price more to the downside from 2426-2432 zone. We can wait for price to give us confirmation on 15min tf and look for sells.
Fundamentals:
Gold edges lower on possible position adjustments in the early Asian session, but losses are likely to be limited by still-intact bullish tone, analysts say. While a global recession, if it ultimately emerges, could hit demand for gold jewelry, monetary component of gold's value should benefit from the attendant rate cuts by central banks globally, making the precious metal relatively more attractive, says Matthew Weller, Global Head of Research at FOREX.com and City Index, in an email. Although there are more crosswinds now for gold than there were a week ago, fundamental bullish thesis remains intact for now, Weller adds. Spot gold is down 0.1% at $2,406.68/oz.
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