The price is in corrective wave ABC, short term target at 1750
I forecasted a short term rally to 1730 vide this analysis 
(since this is already attained). This is therefore a follow-up analysis on the same idea. It seems there is a resistance at 1730 which will complete wave 'B' but this move might be temporary as there will likely be a formation of wave 'C' which will see the price rise to 1750 in the short term.
I still maintain bullish bias on gold and this is because of below fundamental events
The medium downward slide in gold price from the peak of 2080 in March has been contributed by the tightening monetary policies including rates hiked of central banks in developed countries to curb skyrocketing inflation . Theoretically tightening has negative relationship with gold prices since gold doesn't pay interest to hold it.
Recently there is a decrease in commodities prices like oil and gas. These decline in commodities prices implies reduction in inflation expectations in major economies thus reduce the likelihood for rapid rate hikes. This fundamentally will make Gold demand to increase in the short term as money managers and investors will try to rebalance their positions from bonds holding due to easing in rates to start holding Gold as the risk of faster rates hacking will reduce partly also because of the prospect of recession fear.
Another fundamental event in Gold is the prospect of banning of Russian Gold imports. This will technically means increase in Gold demand from other markets. This is yet to happen but if it materialize we can even see a huge elevated price of gold to 1800.
I still maintain bullish bias on gold and this is because of below fundamental events
The medium downward slide in gold price from the peak of 2080 in March has been contributed by the tightening monetary policies including rates hiked of central banks in developed countries to curb skyrocketing inflation . Theoretically tightening has negative relationship with gold prices since gold doesn't pay interest to hold it.
Recently there is a decrease in commodities prices like oil and gas. These decline in commodities prices implies reduction in inflation expectations in major economies thus reduce the likelihood for rapid rate hikes. This fundamentally will make Gold demand to increase in the short term as money managers and investors will try to rebalance their positions from bonds holding due to easing in rates to start holding Gold as the risk of faster rates hacking will reduce partly also because of the prospect of recession fear.
Another fundamental event in Gold is the prospect of banning of Russian Gold imports. This will technically means increase in Gold demand from other markets. This is yet to happen but if it materialize we can even see a huge elevated price of gold to 1800.
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