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SpanishKey U.S. Economic Indicators to Keep in Mind While Trading in Gold during U.S. Session; July 19, 2022
Key U.S. Economic Indicators to Keep in Mind While Trading in Gold during U.S. Session
Today U.S. will release Building Permits and Housing Start data at 1230 GMT/1800 IST. It’s 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. For example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various construction services are purchased by the builder.
Let’s see how Gold has reacted during the previous data release:
June 16:
May 18:
Technical View:
XAU/USD (Gold):
- Gold appreciates on Tuesday and jumps back above $1,710 mark.
- The pair made intraday high at $1,715 and Low at $1,705 mark.
- A day chart is down and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,714 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,706 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,702 | $1,718 |
| $1,696 | $1,722 |
| $1,691 | $1,728 |
| $1,684 | $1,732 |
| $1,678 | $1,738 |
Take a look and do trade wisely!
Good Luck
