Gold Slips Below $1,890 mark, Traders Eye U.S. Fed Officials’ Speeches and U.S. Existing Home Sales Result; Feb 18, 2022
U.S. Existing Home Sales
Today’s U.S. session will be busy as many key speeches from Fed Governors are scheduled and only key economic indicator of Existing Home Sales data is scheduled at 1500 GMT/2030 IST.
Existing Home Sales data is 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 durign the previous data release:
- The Gold fails to find support abvoe $1,900 mark and recently spikes down below $1,890 mark.
- Today pair made intraday high at $1,902 and low at $1,886 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,895 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,884 on H1 will check further supports.
Take a look and do trade wisely!