US MBA mortgage applications w.e. 19 March -2.5% vs -2.2% priorPrior -2.2%Market index 747.0 vs 766.2 priorPurchase index 301.9 vs 294.3 priorRefinancing index 3,325.3 vs 3,504.9 prior30-year mortgage rate 3.36% vs 3.28% priorThe drop in mortgage applications in the past week owes much to a decline in refinancing activity as purchases still show a modest bounce despite the long-term rate continuing to climb higher in recent weeks.Further Development

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Analyzing the current trading chart of Gold , I found that there is still sideways regime but with potential for the downside break towards $1.700.

My advice is to watch for selling opportunities on the break with the downside targets at $1.702 and $1.680.Key Levels:

Resistance: $1.745Support levels: $1.702 and $1.680.

The material has been provided by InstaForex Company – www.instaforex.com

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