The release of lower Existing Home Sales data on 23rd July 2024 had a significant impact on XAUUSD, also known as the Gold-USD pair. This data serves as a key indicator of the housing market in the United States, and any fluctuations can have implications for the price of gold.
Today’s given signal : https://t.me/calendarsignal/13934
XAUUSD Price Movement
On the day of the lower Existing Home Sales data on 23rd July 2024, XAUUSD experienced a significant price movement. The currency pair reacted promptly to the data release, with the price of gold rising and the US dollar weakening. This reaction is indicative of investors seeking safe haven assets amidst economic uncertainty.
Factors Influencing the Price Movement
There are several factors that contributed to the decline in the XAUUSD pair:
1. Weaker Housing Market: The lower Existing Home Sales data indicated a decline in housing market activity, which raised concerns about the overall health of the economy. Investors sold gold, which is perceived as a safe haven asset, in favor of the US dollar, which is perceived as a more stable currency.
2. Expectations of Interest Rate Hikes: Another factor that influenced the XAUUSD pair’s movement was the expectation of higher interest rates. Investors typically sell gold when interest rates rise, as it offers a less attractive yield compared to fixed-income investments.
3. Global Economic Uncertainty: The release of the lower Existing Home Sales data came amidst ongoing global economic uncertainty. Investors sought the safety of the US dollar, which is backed by a strong economy and a sound financial system.
Previous released data results :
WHERE TO CONTACT US
Website: https://forextrade1.co/
Twitter: www.twitter.com/forextrade11
Telegram: telegram.me/ftrade1
Facebook: www.facebook.com/Forextrade01
Instagram: www.instagram.com/forextrade1
YouTube: www.youtube.com/ForexTrade1
Skype: forextrade01@outlook.com
Email ID: info@forextrade1.com