- Market index 833.9 vs 838.2 prior
- Purchase index 293.5 vs 301.2 prior
- Refinancing index 3,973.1 vs 3,949.8 prior
- 30-year mortgage rate 2.98% vs 3.01% prior
The long-term mortgage rate falls to a record survey low in the past week, but purchases activity continues to lose steam and that is leading the drop in the headline reading.
Although the index is still relatively elevated even when compared to pre-virus levels, the recent drop in purchases could be hinting that housing market appetite is beginning to wane after a surge from April to early June.
Analyzing the current trading chart of Gold, I found that there is potential for the the downside continuation due to strong impulsive downside movement in the background.
Imy advice is to watch for selling opportunities on the rallies using the intraday charts with the targets at $1,851 and $1,817
Resistance is set at the price of $1,887.
Additionally, there is the bear flag pattern on the 4H time-frame, which is another confirmation for the downside movement.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Lumber and Ethanol today and on the bottom VIX and Platinum.
Support levels: $1,851 and $1,817
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.