Gold Weakens Ahead of U.S. Existing Home Sales Results, $6+ Volatility Likely; Nov 22, 2021
U.S. Existing Home Sales Results
Today’s economic calendar is almost empty but U.S. has scheduled to release Existing Home Sales data at 1500 GMT/2030 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:
- Gold falls sharply ahead of U.S. session and slips back below $1,840 mark.
- Today pair made intraday high at $1,849 and low at $1,837 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,851 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,837 on H1 chart will check further supports.
Take a look and do trade wisely!