Technical Analysis:
GOLD yesterday grabbed liquidity from PDL and we also had a FVG in the area from where we saw daily candle closing in green, Currently where price is we need a MSS on 1H tf and if price retraces back to any FVG in discount we can look for buying opportunities from there. If price do not form a structure like we are expecting we can avoid gold for longs then.
Fundamentals:
Gold dealers in India were forced to offer discounts this week as a recent price increase dampened retail purchases, while demand also remained lacklustre in other key Asian hubs.
"Retail buying slowed because of price rise. Jewellers were reporting lower footfall this week," a New Delhi-based dealer said.
In India, the world's second-largest gold consumer and a major importer, domestic prices (MAUc1) were ruling around 70,300 rupees per 10 grams on Friday, after hitting a four-month low of 67,400 rupees on July 25.
"Jewellery makers are hoping demand will improve during the peak festival season. They received decent orders from jewellers for festival season during the last week's India International Jewellery Show," a Mumbai-based bullion dealer said.
In China (XAU-CN-PREM), dealers were offering a discount of $8.5 to a $5 premium an ounce on international spot price. Premiums were as high as $18 last week.
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