Yahoo Finance Gold Price Prediction for August 17, 2017
Gold prices moved higher as confidence in President Trump continued to unwind as leaders of two-specific forums resigned. Some of the leaders of the largest companies in the United States said they could not participate given the Presidents take on the events in Charlottesville. Additionally, the drop in housing starts, weighed on the dollar, paving the way for higher gold prices. Support is seen near the 10-day moving average at 1,273, while resistance is seen near the August highs at 1,292.
U.S. Housing Starts Dropped in July
U.S. housing starts dropped 4.8% in July to a 1.155 million clip, weaker than forecast, after climbing 7.4% to 1.213 million in June which was revised from 1.215 million. Single family starts dropped 4.8%, while multifamily starts dipped 0.5%. Building permits fell 4.1% to 1.223 million from a revised 1.275 million which was 1.254 million. Starts declined in the Midwest, in the West, and in the South, but climbed in the Northeast.
This article was originally posted on FX Empire
