Although gold is struggling to attract bullish momentum, analysts note that its strength now relies on how much support is in the marketplace, even as speculative interest starts to drop.
The gold market is now net long by 74,643 contracts, dropping to its lowest point since March 14. At the same time, the precious metal saw its biggest drop in gross bullish positioning since early February. During the survey period, gold prices traded in a tight range, with support around $1,950 and resistance around $1,980 an ounce.
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In general, GOLD is still stuck and moving in the range of 1970 - 1930 However, considering H1 and smaller frames, the price line is trending downwards (looking back to 1930). The evidence for this short-term price decline is that the tops and bottoms are falling. We will have 2 places to sell 🟢 Wait for Retest Keylevel H1 🟢 Wait for a breakout around 1947 to Sell
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⭐️Make a trading plan: ✅Sell the $1,957-$1,955 range when the price hits the resistance area. ✖️Stoploss: $1,990.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!