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SpanishGold 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:
June 16:
May 18:
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.
| RESISTANCES | SUPPORTS |
| $1,822 | $1,809 |
| $1,827 | $1,802 |
| $1,832 | $1,796 |
| $1,837 | $1,791 |
| $1,842 | $1,786 |
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