The precious metal was trading weaker on Thursday. The US existing home sales report saw a bigger than forecast increase. Data from the National Association of Realtors showed that existing home sales jumped 1.9% on the month in October. This was after existing home sales fell 2.5% in the month before.
XAU/USD Holding Steady Above Support
The precious metal has been attempting to rise higher. But, the momentum looks to have been exhausted. Price action is, however, stable above the support level of 1462. Overall, XAUUSD is trading within the corridor of 1483 and 1462. A breakout from this level is required to bring further direction to prices.
