Gold unchanged ahead of US housing numbers

Barcelona-Spain (Dec 22)   Kenny Fisher, Currency Analyst at Market Pulse, observes that XAU/USD trades unchanged below $1200 level in the European session with spot at around $1195.94, as markets await release of the US existing home sales numbers.

Key Quotes

“Gold is showing little movement on Monday, as XAU/USD trades slightly below the $1200 level. In the European session, the spot price stands at $1195.94. It could be a quiet week for gold ahead of the Christmas holiday."

"On the release front, today’s sole event is US Existing Home Sales. The markets are expecting the indicator to soften in November, with an estimate of 5.21 million.”

“XAU/USD has shown little movement in the Asian and European sessions, as the pair trades slightly below the key $1200 line.”

“1200 remains a weak resistance line. 1215 is next. 1175 is an immediate support level.”

“Current range: 1175 to 1200”

Source: FXstreet