GOLD (June 23) Under pressure as US home sales rise 0.2%
The U.S. housing sector could be finding a bottom as consumers start to wade back into the market, according to the latest housing sales numbers from the National Association of Realtors (NAR).
Thursday, the NAR said that existing home sales increased 0.2% last month, with the annualized sales rate rising to 4.30 million homes, compared to April's sales rate of 4.29 million. The data was better than expected, as economists were looking for the sales rate to drop to 4.25 million.
The latest housing data is not having much impact on gold as the precious metal continues to see solid selling pressure following hawkish comments from Federal Reserve Jerome Powell in his first day of testimony before Congress.
Thursday, the NAR said that existing home sales increased 0.2% last month, with the annualized sales rate rising to 4.30 million homes, compared to April's sales rate of 4.29 million. The data was better than expected, as economists were looking for the sales rate to drop to 4.25 million.
The latest housing data is not having much impact on gold as the precious metal continues to see solid selling pressure following hawkish comments from Federal Reserve Jerome Powell in his first day of testimony before Congress.
✅Buy order in the $1,898-$1,902 price zone when the support zone is approached.
✖️Stoploss: $1,895.
✅Sell the $1,938-$1,942 range when the price hits the resistance area.
✖️Stoploss: $1,945.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!