The gold market surged to new highs after the U.S. manufacturing sector contracted for the eighth month in a row in June. The Institute for Supply Management (ISM) manufacturing index dropped to 46%, below the expected 47.2%.
This index measures economic growth, with readings above 50% indicating growth. In April, there was a sixth consecutive contraction. As a result, gold prices rose to $1,939 an ounce. Currently, August Comex gold futures are trading at $1,935, up 0.32% for the day.
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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 !!!