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July 20, 2022

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:

June 21:

.

May 19:

.

Technical View:

XAU/USD (Gold):

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.

SUPPORTS	RESISTANCES
$1,702	$1,712
$1,696	$1,718
$1,691	$1,722
$1,684	$1,728
$1,678	$1,732

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills

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