Gold prices edged slightly higher in Monday's midday trading session in the US. Futures traders were able to offset recent selling pressure in the market. Activity was muted as the US began a shortened trading week due to the holiday. Last, August gold rose $4.20 to $1,933.
Asian and European stock markets saw mixed gains in quieter overnight trading. US stock indexes were mixed at midday. S&P futures reached a 14-month high last Friday. Today's trading was subdued as many US traders and investors took an extra day off ahead of the US Independence Day holiday on Tuesday when all US markets are closed. Some US markets closed early today.
The US job report for June was released on Friday, revealing an expected increase of 240,000 in non-farm payrolls, compared to the previous month's increase of 339,000. US Treasury Secretary Janet Yellen visited China on Thursday to meet with high-ranking Chinese officials.
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The future of gold bears has short-term technical advantages. The price has been on a two-month downward trend on the daily bar chart. The next target for the bulls is to close above a strong resistance level at $2,000. The next short-term target for the bears is to push the futures contract price below a solid technical support level at the lowest point in February, which is $1,846. The first resistance level currently seen is $19.39, followed by $1,950. The first support level currently seen is $1,917, followed by $1,900.
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⭐️Make a trading plan: ✅Sell the $1,941-$1,938 range when the price hits the resistance area. ✖️Stoploss: $1,945.
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⭐️Make a trading plan: ✅Sell the $1,926-$1,923 range when the price hits the resistance area. ✖️Stoploss: $1,930.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!