The United States announced its Existing Home Sales data at 10:00 PM WIB, reporting 4.13 million, which is higher than Trading Central’s forecast of 3.9 million and surpassing the previous figure of 4.11 million. This data highlights the resilience of the US housing market amidst high interest rates, reinforcing the view that economic activity remains relatively robust. In response to this release, the price of Gold exhibited volatility due to changing market expectations regarding monetary policy direction, but this initial pressure quickly subsided. Gold prices subsequently strengthened and moved towards the resistance area of 4,341, reflecting sustained demand for safe-haven assets amid uncertainties surrounding The Fed’s interest rate policies.
Alongside the movements in Gold, the foreign exchange market showcased significant volatility following the data release. The GBPUSD pair fluctuated upwards to 1.33705, while the EURUSD reached 1.17259, indicating a rapid response from market participants to the combination of solid economic data and interest rate speculation. Although strong housing data tends to bolster the US dollar, the market continues to weigh The Fed’s cautious policy outlook, especially if inflationary pressures resurface. This situation maintains a dynamic market environment, with investors continuously balancing signals of US economic strength against potential adjustments in future monetary policy.
