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XAUUSD Closes In On 4-Hour Support Level
Welcome to Tuesday’s trade! Business has picked up, with WTI crude oil rallying, silver plummeting, and US stocks flat. Key news events have centered around mines in the Strait of Hormuz and the upcoming US Mid-Term elections.
During the US pre-market hours, the OPEC monthly report was released as the IMF Meetings got underway. Both events have yet to move the markets, but traders are watching closely for any developments. Shortly after the opening bell, Existing Home Sales hit the news wires. Sales rose by nearly 4 million homes, a bump of 1.5% month over month. With mortgage rates spiking, the solid home sales numbers come as a bit of a surprise. Here’s a short-term level worth watching for XAUUSD:
4-Hr 38% Fibonacci Retracement, 4159.71
Check out our Key Levels for more information on this Trade Idea.
The upcoming 48 hours are going to be vital for the USD and the markets. Wednesday features the latest release of CPI, while Thursday brings PPI. Both numbers are potential game-breakers. We’ll have all the coverage live as it happens over at Switch Markets on YouTube. See you there!
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