English
Arabic
Chinese (Simplified)
Dutch
French
German
Italian
Portuguese
Russian
SpanishGold Rises Gradually Ahead of U.S. New Home Sales Result, $8+ Volatility Likely; July 26, 2021
U.S. New Home Sales
The only key event for the day is U.S. New Home Sales data scheduled at 1400 GMT/1930 IST. It’s a leading indicator of economic health because the sale of a new home triggers a wide-reaching ripple effect. For example, furniture and appliances are purchased for the home, 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 23:
May 25:
Technical View:
XAU/USD (Gold):
- Gold moves in rigid boundaries on Monday and hovers around $1,810 mark.
- Today pair made intraday high at $1,811 and low $1,798 mark.
- A day chart is bearish while H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,809 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,799 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,791 | $1,809 |
| $1,786 | $1,814 |
| $1,781 | $1,819 |
| $1,776 | $1,824 |
| $1,770 | $1,828 |
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