Gtag:

Be Attentive Ahead of U.S. Session as U.S. Fundamentals & Various FOMC Members’ Speeches In Line; Nov 17, 2021

U.S. Building Permits and Housing Starts

Today’s U.S. session will be light in terms of Key fundamentals but various FOMC member’ speeches are scheduled during Late U.S. session. So kindly be attentive during U.S. Session as any hint/comments from FOMC members may create high volatility to the FX markets.

Then U.S. will release Building Permits and Housing starts data at 1330 GMT/1900 IST. Housing data is a leading indicator of economic health because building construction produces a wide-reaching ripple effect. For example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various construction services are purchased by the builder. In addition, Building Permits is an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.

Let’s see how Gold has reacted durign the previous data release:

Oct 19:

Sept 21:

Technical View:

XAU/USD:

  • Gold slightly up on Wednesday and hovers around $1,860 mark.
  • Today pair made intraday high at $1,861 and low at $1,849 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,862 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,848 on H1 chart will check further supports.

SUPPORTS RESISTANCES
$1,848 $1,862
$1,842 $1,868
$1,837 $1,874
$1,832 $1,881
$1,827 $1,887

Take a look and do trade wisely!
Good Luck

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