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Gold Decline Pauses After Pending Home Sales Data

  

US dollar trimmed its losses after a series of strong PMI and consumer sentiment data came out however the weak pending home sales data paused its gains. We could see the effect of the data on the hourly chart of Gold. The pair was consolidating between the two contracting trend lines of the symmetrical triangle before the release of the data and broke out from the support trend line after the positive data was released. 

Chicago PMI rose to a four month-high of 59.8 in February beating the analyst’s expectations of a fall to 57.0. In a revised report, consumer sentiment index rose to 81.6 this month beating the analyst’s expectations of an increase to 81.3. The pair might have declined further but pending home sales data paused the losses and the pair found support at 1322.43. U.S. pending home sales rose .1% in January missing the analyst’s expectations of 2% increase.U.S. pending home sales rose .1% in January missing the analyst’s expectations of 2% increase.