Technical Analysis:
GOLD gave a MSS to the downside on 1H time frame, if price retraces towards 2500 again we can look for selling again with the SL above the last swing high. Price might target the area around 2475-2480.
Fundamentals:
Gold futures rise 0.15% to $2,541.8 a troy ounce, having reached a new record of $2,549.9 a troy ounce in early Asian trading on persistent U.S. dollar weakness. The precious metal had set a record on Friday due to supportive data for a U.S. interest-rate cut and geopolitical tensions, and rose further early on Monday. That said, there is little potential for excessive dovishness from the Federal Reserve in terms of easing monetary policy in Fed Chair Jerome Powell's upcoming speech, says Ipek Ozkardeskaya, senior analyst at Swissquote Bank. The market is pricing in greater rate cuts than what the Fed is set to deliver at the September meeting--with around a 30% probability given to a jumbo 50 basis point cut--so a dollar rebound is plausible, Ozkardeskaya says in a note. A stronger greenback typically depresses the price of bullion.
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