U.S. Existing Home Sales
Today U.S. has scheduled to release Existing Home Sales data 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. If the Actual Data comes higher than expected, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): The gold weakens on Thursday and touches $1,783 mark in European hours. Today pair made intraday high at $1,797 and low $1,783 mark. A day chart and H1 chart with triple EMA confirm uptrend for the time being. A sustained close above $1,798 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,782 will check further supports.
Key Resistances: $1,799, $1,805, $1,812, $1,820, $1,826
Key Supports: $1,782, $1,776, $1,772, $1,767, $1,762
Take a look and do trade wisely!