U.S. Indicators to keep in mind during U.S. Session, Don’t Forget the FOMC Meeting Minutes; Aug 18, 2021
Today’s most watchful event will be U.S. FOMC Meeting Minutes (1800 GMT/2330 IST) and before that U.S. Housing Starts data are scheduled at 1230 GMT/1800 IST.
Housing starts results are an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building. It’s 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:
U.S. FOMC Meeting Minutes
It’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates. It scheduled 8 times per year, 3 weeks after the Federal Funds Rate is announced. Investors will be keeping an eye over the minutes for any indicators as to when the Fed will start to taper its bond buying program.
- Gold hovers around $1,790 mark after U.S. released mixed housing results.
- Today pair made intraday high at $1,793 and low $1,782 mark.
- A day chart is down while H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,794 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,782 will check further supports.
Take a look and do trade wisely!