Technical Analysis:
GOLD is trading with good bullish momentum for now, price might sweep liquidity below 2390 and then it might continue towards 2400. We need a candle closing above 2400 before entering for longs. We have unemployment claims too that might affect gold movement.
Fundamentals:
Gold prices rise 0.2% to $2,436.4 a troy ounce, largely settling after a sell-off earlier in the week pauses and China holds off gold purchases. The precious metal was dragged down amid market turmoil at the start of the week, prompting many investors to liquidate gold positions to cover losses elsewhere, market watchers say. In addition, the Chinese central bank didn't add to its gold reserves for a third consecutive month in July, say ING analysts in a note. Bullion held by the People's Bank of China at the end of July stood unchanged at 72.8 million troy ounces, according to official data. The bank ended an 18-month buying spree in May that had driven gold prices to record highs, though those same high prices have likely deterred further purchases for now.
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