Gtag:

Gold hits fresh 7 – day low at $1,764 mark, Markets eye U.S. HPI data; June 29, 2021

U.S. House Price Index

Today’s U.S. session will remain interesting one as gold has given tremendous downside breakout and touched $1,764 mark. In addition, U.S. will release HPI data at 1300 GMT/1830 IST. It’s a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity. In the actual data comes higher than forecasted, it will be good for U.S. dollar.

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

May 25:

April 27:

Technical View:

XAU/USD (Gold):

  • The Gold spikes down sharply in early U.S. session and touched $1,764 mark.
  • The pair made intraday high at $1,779 and low at $1,764 mark.
  • A day and H1 chart with triple EMA confirms the downtrend for the time being.
  • A sustained close above $1,778 on H1 chart will check further resistances.
  • Alternatively, a consistent close below $1,768 on H1 chart requires for the downside rally.
SUPPORTS RESISTANCES
$1,764 $1,786
$1,757 $1,792
$1,752 $1,798
$1,747 $1,805
$1,742 $1,812

Take a look and do trade wisely!
Good Luck

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