Technical Analysis:
CURRENTLY gold is trading around 15min bearish order block from where we might see price rejecting again to the down side. Even on 1H time frame we have got a MSS to the downside so for further selling we can look for smaller time frame confirmations and not go aggressive. If price respects this zone we might see price reaching for 2490 again.
Fundamentals:
Gold futures slip 0.4% to $2,544.2 a troy ounce, but remain close to a record high of $2,570.4 an ounce, hit on Aug. 20. The U.S. dollar is now tracking around its lowest level since July, 2023 on rate cut optimism, a boon for gold which typically has a negative relationship with the greenback, Commonwealth Bank of Australia analyst Vivek Dhar says. This correlation did temporarily break down earlier this year as the precious metal rallied despite a stronger dollar on central bank, retail and safe-haven demand, but gold's ability to find support in a falling and rising U.S. dollar environment fuels the belief that gold futures have price risks skewed to the upside,
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