Gold Moves In Rigid Boundaries Ahead of U.S. Building Permits & Housing Starts Data, $7+ Volatility Likely; July 20, 2021
U.S. Building Permits & Housing Start Data
Today U.S. will release Building permits and housing starts data at 1230 GMT/1800 IST. Building Permits is an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building. While housing start is a leading indicator of economic health because building construction produces a wide-reaching ripple effect.
Let’s see how gold has reacted during the previous data release:
Technical View (Gold/XAUUSD):
- The gold trades marginally higher on Tuesday and stabilizes above $1,810 mark.
- The pair made intraday high at $1,819 and low at $1,810 mark.
- A day chart is down while H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,817 requires for the upside rally.
- Alternatively, a consistent close below $1,810 on H1 chart will check further supports.
Take a look and do trade wisely!