Gold falls sharply ahead of U.S. Building Permits Data, $7+ Movement likely in Gold; Nov 18, 2020

U.S. Building Permits & Housing Starts

U.S. will release key housing data at 1330 GMT/1900 IST. It’s an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building. On the other side, Housing Start 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.

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

Oct 20:

Sept 17:

Technical View:

XAU/USD (Gold): Gold falls noticeably ahead of U.S. housing starts and building permits data. Today pair made intraday high at $1,884 and low at $1,863 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,861 will check key supports as well. Key support levels are seen around $1,857, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,892, $1,902, $1,917, $1,922, $1,940, $1,947, $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.

Take a look and do trade wisely!
Good Luck

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