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Gold showed a minor sell-off due to profit booking. It hit an all-time high of $2954 and is currently trading around $2881.
New home sales in America got off to a weak start in January 2025, falling by 10.5%. This means fewer new homes sold compared to December.
The average price of a new home was around $446,300. There were many homes for sale, enough to last 9 months at the current rate of sales.
Housing market experts foresee the market increasing gradually this year, by perhaps 3% or less. Mortgage rates are high and financial issues are holding back people from buying new houses
Rate Pause Expectations Diminish
According to the CME Fed Watch tool, the chances of a rate pause on the Mar 19th, 2025 meeting have increased to 97.50% up from 97% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above short-term moving averages of 34 EMA and 55 EMA and long-term moving averages (200 EMA) in the 4-hour chart. Immediate support is at $2870 and a break below this level will drag the yellow metal to $2860/$2850/$2830/$2800/$2770/$2740. The near-term resistance is at $2920, with potential price targets at $2940/$2957/$3000.
It is good to buy on dips around $2870 with a stop-loss at $2850 for a target price of $3000.
