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19 May 2015
Gold tanks on strong housing data in the US
FXStreet (Mumbai) - Gold got offered heavily after the US housing starts and building permits rose to a multi-year high in April indicating broad-based gains in the industry.
Gold falls more than 1%
The metal extended losses to trade lower by more than 1% as the better-than-expected US housing data supported further gains in the US dollar. Housing starts jumped 20.2% to a 1.14 million annualized rate, the most since November 2007, while Building permits Permits rose to a 1.14 million annualized rate, its highest since June 2008. Consequently, the USD index was pushed higher to 95.42; up 1.27% on the day.
At the moment, Gold is trading at USD 1214.2/Oz. The intraday low and high stand at USD 1212.6/Oz and USD 1224.6/Oz respectively.
Gold Technical Levels
The immediate support is seen at 1207.35 (200-DMA), under which losses could be extended to 1198.84 (50-DMA). On the flip side, a break above 1220.01 (hourly 100-MA), could see the pair re-test its daily high of 1224.6.
Gold falls more than 1%
The metal extended losses to trade lower by more than 1% as the better-than-expected US housing data supported further gains in the US dollar. Housing starts jumped 20.2% to a 1.14 million annualized rate, the most since November 2007, while Building permits Permits rose to a 1.14 million annualized rate, its highest since June 2008. Consequently, the USD index was pushed higher to 95.42; up 1.27% on the day.
At the moment, Gold is trading at USD 1214.2/Oz. The intraday low and high stand at USD 1212.6/Oz and USD 1224.6/Oz respectively.
Gold Technical Levels
The immediate support is seen at 1207.35 (200-DMA), under which losses could be extended to 1198.84 (50-DMA). On the flip side, a break above 1220.01 (hourly 100-MA), could see the pair re-test its daily high of 1224.6.