Gold news analysis: spot gold rebounded, gold price is now around $1975 / oz. Gold is struggling around $1985.
The US debt ceiling negotiations have ushered in significant news, and both Biden and Congress have shown that the United States will not default on its debt.
The U.S. Department of Commerce announced on Wednesday (May 17) that housing starts in the United States rose 2.2% last month, at an annualized rate of 1.401 million units after adjusting for seasonal factors. The consensus is to expect 1.4 million housing starts. The March figure was revised to 1.371 million units. For the full year, the new housing start rate fell by 22.3%.
Meanwhile, construction permits, which precursors to future projects, fell 1.5% to 1.416 million units in April, while March's figure was revised upwards to 1.437 million units. The consensus expectation was 1.437 million units last month. Building permits for the full year were down 21.1% from April 2022 levels.
Biden spoke again on the debt ceiling. He went on to send optimistic signals, saying:
"We are confident that there will be a (debt ceiling) agreement and that the United States will not default." This is what the leaders agreed on. We will continue discussions until an agreement is reached. "The dollar is expected to be bullish and gold to be bearish
However, the impact of the data is only temporary. From a technical point of view, gold is still bullish. Gold may fall in the short term, but it also gives us a better buying opportunity!
Trade active:
1975
Trade active:
Now the trend is the same as our analysis, gold has fallen
Profitable friends can reduce their positions
Profitable friends can reduce their positions