Here are the key factors to keep in mind today for Gold trades:
- UK BRC Like-for-Like Sales: UK BRC Like-for-Like Sales for March increased by 1.4% annualized. Economists predicted a decrease of 0.1% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for March which increased by 0.6% annualized.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of April 8th was reported at 115.1. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of April 1st which was reported at 115.5.
- Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for March were reported at 14 and Australian NAB Business Confidence at 7. Forex traders can compare this to NAB Business Conditions for February which were reported at 20 and to Australian NAB Business Confidence which was reported at 9.
- Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for March increased by 28.1% annualized. Forex traders can compare this to Japanese Machine Tool Orders for February which increased by 39.5% annualized.
- US NFIB Small Business Optimism Index: The US NFIB Small Business Optimism Index for March is predicted at 107.0. Forex traders can compare this to the NFIB Small Business Optimism Index for February which was reported at 107.6.
- Canadian Housing Starts and Building Permits: Canadian Housing Starts for March are predicted at 218.0K. Forex traders can compare this to Canadian Housing Starts for February which were reported at 229.7K. Canadian Building Permits for March are predicted to decrease by 1.5% monthly. Forex traders can compare this to Canadian Building Permits for February which increased by 5.6% monthly.
- US PPI: The US PPI for March is predicted to increase by 0.1% monthly and by 2.9% annualized. Forex traders can compare this to the US PPI for February which increased by 0.2% monthly and by 2.8% annualized. The US Core PPI for March is predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to the US Core PPI for February which increased by 0.2% monthly and which increased by 2.5% annualized. The US Core PPI ex Trade for March is predicted to increase by 0.2% monthly and by 2.5% annualized. Forex traders can compare this to the US Core PPI ex Trade for February which increased by 0.4% monthly and by 2.7% annualized.
- US Wholesale Inventories: US Final Wholesale Inventories for February are predicted to increase by 0.6% monthly. Forex traders can compare this to previous US Wholesale Inventories for February which increased by 1.1% monthly.
Should price action for Gold remain inside the or breakout above the 1,330.85 to 1,337.90 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,333.25
- Take Profit Zone: 1,365.80 – 1,370.00
- Stop Loss Level: 1,320.00
Should price action for Gold breakdown below 1,330.85 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,326.65
- Take Profit Zone: 1,302.50 – 1,307.20
- Stop Loss Level: 1,333.25
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
