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Gold prices rose slightly today, rising at the same time to two-month high, and fixed the biggest weekly gain in a month. Note that this dynamic is the fact that today presented a weaker-than-expected U.S. data increases the likelihood that the Federal Reserve will start to change their policies.
As shown by the data, the total number of housing starts in the U.S. rose in July, although the drop in single-family housing better reflects the great obstacles in stewards.
The total number of housing starts in the U.S. rose by 5.9% in July compared with the previous month to a seasonally adjusted annual rate of 896,000 units, the Commerce Department reported Friday. Construction of multi-family housing, including apartments, rose 26%, while single-family housing declined Share 2.2%. Compared with a year earlier, the whole establishment of new homes rose by 20.9%. Add that many economists had forecast that overall housing starts will rise by 8.9%.
The report reflected a mixed picture for the construction of housing. Construction of houses has increased in two of the last three months, potentially indicating a strong housing market and economic recovery. Nevertheless, an increase has been largely due to an increase in a multi sector is volatile category that can conceal the demand.
Meanwhile, many traders say that from a technical point of view, overcoming resistance at $ 1,350 and adds interest to purchase.
The data also showed that the stock of gold in the SPDR Gold Trust fell yesterday by 0.3 million tons to 912.92 million tons. Note that rare inflows to the fund have been seen only twice in the last six sessions, but stocks remain at four-year lows.
Analysts also expect that the level of demand in India will grow in the coming weeks, in anticipation of the season of weddings and gala celebrations, despite import restrictions by the government.
The cost of the October gold futures on COMEX today rose to $ 1366.40 per ounce.
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