Technical Analysis:
Gold is in discounted range and we might see prices of gold reaching till 2416 and above range by this week. We have a 4H fvg which might act as a resistance around 2436-2432 zone. Currently where price is we can target 2416 zone.
Fundamentals:
Metal prices are mixed, with gold futures broadly flat on $2,430.7 a troy ounce, while base metals fall back. Gold was caught up in Monday's broad liquidation of well-owned positions, where the fundamental case for bullion--a safe hedge against geopolitical tensions and economic slowdowns--was cast aside in favor of selling everything and buying bonds, says Chris Weston, head of research at broker Pepperstone. With calmer heads now prevailing, there are increased flows into gold exchange traded funds and gold buyers supporting the moving average, though there is a clear hesitancy to push the price further, Weston says in a note. Elsewhere, copper falls 1.2% to $8,815.5 a metric ton, while aluminum falls 1.5% to $2,267 a ton on fears of slowing demand, after Friday's poor U.S. economic data.
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