Fundamental OverviewGold erased most of the losses from the Monday’s global stock market rout as the ISM Services PMI and especially the US Jobless Claims yesterday improved the risk sentiment. This might be just a retracement of the liquidations experienced on Monday as it doesn’t look like there are strong reasons for a rally in the short term. In fact, the market might price out some of the aggressiveness in rate cuts expectations which could weigh on gold in the short term. That might lead to an overall rangebound price action but in the long term, the bullish case for gold remains intact as the Fed is going to cut rates anyway. Gold Technical Analysis – Daily TimeframeOn the daily chart
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