Gold prices edged up after U.S. existing homes sales missed expectations in June, according to the latest report from the National Association of Realtors (NAR).
Existing home sales decreased 1.7% last month to a seasonally adjusted and annualized rate of 5.27 million units, compared to May’s annualized rate of 5.34 million homes, the association said on Tuesday. The drop comes following an advance of 2.9% in May. Economists were expecting to see an uptick of 0.2% to 5.35 million units.
Gold prices rose following the release of the data with August Comex gold futures last trading at $1,428.60, up 0.12% on the day.
.Gold began the North American session by trading slightly lower on the day amid “some profit-taking from the shorter-term futures traders and a normal pause and consolidation” after the metal hit a fresh six-year high last week, a senior technical analyst said.
“Technically, the gold bulls still have the solid overall near-term technical advantage. A two-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $1,500.00. Bears’ next near-term downside price breakout objective is pushing August futures prices below solid technical support at $1,400.00,” he added.