Gold Price Prediction for July 4, 2016

Gold prices moved higher on Friday forming a bull flag pattern which is a continuation pattern in the form of a pause that refreshes.  This comes following softer than expected Chinese PMI data released on Friday. Resistance is seen near the June highs at 1,358.  Support is seen near the 10-day moving average at 1,301.  Momentum is positive as the MACD (moving average convergence divergence) prints in the black with an upward sloping trajectory which points to higher prices.
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China’s June manufacturing PMI figures were weak as the global slowdown likely weighed. The official PMI slipped to 50.0. Employment and new orders softened further. However, the service sector index rose to 53.7 from 53.1 Meanwhile, the June Caixin PMI fell to 48.6 from 49.2 in May. It’s the lowest reading since February and was 49.4 a year ago.