Gold prices fell during Wednesday's midday trading in the US due to weak economic data from China, suggesting a global economic slowdown that could reduce demand for the precious metal.
The increase in US Treasury bond yields also had a negative impact on safe-haven metals. China's exports have declined more than expected, falling 7.5% in May compared to the previous year, while imports fell 4.5%, lower than the predicted 8.1% drop. This trade decline in China highlights global challenges.
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Looking at the chart, you can imagine the waiting area to sell and wait to buy.. Waiting to sell around dynamic resistance on H4 chart.
In case the price breaks through the support level of 1940, it is expected to fall deeply.
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⭐️Make a trading plan: ✅Buy order in the $1,909-$1,912 price zone when the support zone is approached. ✖️Stoploss: $1,905.
✅Sell the $1,958-$1,955 range when the price hits the resistance area. ✖️Stoploss: $1,962.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!