- Prior -5.8%*
- Market index 827.2 vs 813.7 prior*
- Purchase index 313.8 vs 318.8 prior*
- Refinancing index 3,917.6 vs 3,803.2 prior*
- 30-year mortgage rate 2.86% vs 2.90% prior*
*data week ending 25 December
A modest jump in mortgage activity but this owes more to refinancing than purchases. That said, purchase activity continues to keep at a solid level and that trend in the housing market is likely to continue as rates remain lower for the time being.
Further Development
Analyzing the current trading chart of Gold, I found that Gold tested our first upside target at $1,959 and that is probably heading towards the second target at $2,010.
My advice is to watch for buying opportunities on the dips with the next target at $2,010..
Stochastic oscillator is in overbought zone so there is chance for the pullback first.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Live Cattle and Rusell 2000 today and on the bottom Ethanol and Lumber.
Gold is negative for today but I see no bigger reversal.
Key Levels:
Resistance: $1,959 and $2,010
Support level: $1,941
