U.S. Pending Home Sales
U.S. will publish Pending Home Sales data around 1500 GMT/2030 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 greater than forecasted, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold starts a new week on a negative note and touches $1,764 mark in Asian hours. Today pair made intraday high at $1,789 and low at $1,764 mark. A sustained close above $1,810 requires for the upside rally. On the other side, consistent close below $1,786 will check key supports as well. Key support levels are seen around $1,764, $1,758, $1,747, $1,740 and $1,720 mark respectively. Key resistances are seen at $1,800, $1,822, $1,832, $1,840, $1,857, $1,876 and $1,882 marks respectively.
Take a look and do trade wisely!