- Gold jumps to its highest level of the day
- US building permits 1.30M vs 1.19M exp
- US housing starts 1.29M vs 1.19M exp
There’s been a spike higher seen in Gold in recent minutes with the precious metal moving to its highest level of the day. The market attempted to break out of the range seen over the last month (from 1260-1290) back on Wednesday but the rally was met with a stern rebuttal.
Price is now retesting the 78.6% fib retracement of that swift decline and this could be an interesting level to watch going forward.
Gold has now retraced the majority of Wednesday’s swift decline. Source: xStation
The rise seen in Gold is somewhat surprising given that the only US data of note this afternoon has come in better than expected. Both building permits and housing starts surpassed expectations and indicate that the housing market is finding some support in both these metrics after a steady decline from 2012-2015.
Building permits and housing starts have both risen in the past month and longer term these appear to be basing. Source: XTB Macrobond