XAUUSD DOWNTREND

Intro Gold

1. Gold price continues to draw support from bets for a 50 bps Fed rate cut in September.
   

1. Falling US bond yields and softer USD also act as a tailwind for the non-yielding metal.
   

1. Bulls, however, seem reluctant and await the release of the US NFP report on Friday.
   

Price Tag

Sell at 2526 - 2530 SL at 2533

TP at 2440