U.S. Pending Home Sales
The only key event from the U.S. will be Pending Home Sales results scheduled at 1400 GMT/1930 IST. It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction. This data is released about a week later than Existing Home Sales, but it’s more forward-looking as a contract is signed several weeks before the home is counted as sold.
Let’s see how Gold has reacted during the previous data release:
- Gold moves in stiff boundaries ahead of U.S. Pending Home Sales Data.
- It made intraday high at $1,823 and low at $1,812 mark.
- A day chart is down and H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1,821 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,812 will check further supports.
Take a look and do trade wisely!