Gold Weakens Noticeably Ahead of U.S. Existing Home Sales Data, $8+ Volatility Likely; June 21, 2022
U.S. Existing Home Sales Data
Today U.S. will release Existing Home Sales data at 1400 GMT/1930 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 breaks key support of $1,832 mark in early U.S. session ahead of U.S. Existing Home Sales data.
- The pair made intraday high at $1,842 and Low at $1,832 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1,846 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,832 on H1 chart will test further supports.
Take a look and do trade wisely!