A Short Term Outlook: XAU/USD (Gold); July 20, 2022
U.S. Existing Home Sales Results
Today’s U.S. calendar will remain light as 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.
Let’s see how Gold has reacted during the previous data release:
- Gold weakens on Wednesday ahead of U.S. Existing home sales data and stabilizes below $1,710 mark.
- The pair made intraday high at $1,713 and Low at $1,706 mark.
- A day chart and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,712 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,706 on H1 chart will test further supports.
Take a look and do trade wisely!