Here are the key factors to keep in mind today for Gold trades:
- New Zealand Food Prices: New Zealand Food Prices for March increased by 0.5% monthly. Forex traders can compare this to New Zealand Food Prices for February which increased by 0.4% monthly.
- UK RICS House Price Balance: The UK RICS House Price Balance for March decreased by 24.0% monthly. Economists predicted a decrease of 29.0% monthly. Forex traders can compare this to the UK RICS House Price Balance for February which decreased by 27.0%.
- Japanese Money Stock M2+CD and Japanese Money Stock M3: Japanese Money Stock M2+CD for March increased by 2.4% annualized and Japanese Money Stock M3 increased by 2.1% annualized. Economists predicted an increase of 2.4% and of 2.1%. Forex traders can compare this to Japanese Money Stock M2+CD for February which increased by 2.4% annualized and to Japanese Money Stock M3 which increased by 2.1% annualized.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for the period ending April 5th was reported at -¥1,753.4B and Japanese Buying Foreign Stocks was reported at ¥103.8B. Forex traders can compare this to Japanese Buying Foreign Bonds for the period ending March 29th which was reported at ¥1,243.9B and to Japanese Buying Foreign Stocks which was reported at ¥62.4B. Foreign Buying Japanese Bonds for the period ending April 5th was reported at ¥873.9B and Foreigners Buying Japanese Stocks was reported at ¥1,463.7B. Forex traders can compare this to Foreign Buying Japanese Bonds for the period ending March 29th which was reported at ¥1,570.6B and to Foreigners Buying Japanese Stocks which was reported at ¥438.7B.
- Australian Consumer Inflation Expectations: Australian Consumer Inflation Expectations for April increased by 3.9% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for March which increased by 4.1% annualized.
- Chinese PPI and Chinese CPI: The Chinese PPI for March increased by 0.4% annualized and the Chinese CPI increased by 2.3% annualized. Economists predicted an increase of 0.4% and of 2.3%. Forex traders can compare this to the Chinese PPI for February which increased by 0.1% annualized and to the Chinese CPI which increased by 1.5% annualized.
- German CPI: The Final German CPI for March is predicted to increase by 0.4% monthly and by 1.3% annualized. Forex traders can compare this to the previous German CPI for March which increased by 0.4% monthly and by 1.3% annualized.
- Canadian House Price Index: The Canadian House Price Index for February is predicted flat at 0.0 monthly and to increase by 0.1% annualized. Forex traders can compare this to the Canadian House Price Index for January which decreased by 0.1% monthly and by 0.1% annualized.
- US PPI: The US PPI for March is predicted to increase by 0.3% monthly and by 1.9% annualized. Forex traders can compare this to the US PPI for February which increased by 0.1% monthly and 1.9% annualized. The US Core PPI for March is predicted to increase by 0.2% monthly and by 2.4% annualized. Forex traders can compare this to the US Core PPI for February which increased by 0.1% monthly and by 2.5% annualized. The US Core PPI ex Trade for March is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core PPI ex Trade for February which increased by 0.1% monthly and by 2.3% annualized.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of April 6th are predicted at 210K and US Continuing Claims for the week of March 30th are predicted at 1,735K. Forex traders can compare this to US Initial Jobless Claims for the week of March 30th which were reported at 202K and to US Continuing Claims for the week of March 23rd which were reported at 1,717K.
Should price action for Gold remain inside the or breakout above the 1,300.75 to 1,310.50 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,307.00
- Take Profit Zone: 1,332.55 – 1,346.50
- Stop Loss Level: 1,299.50
Should price action for Gold breakdown below 1,300.75 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,294.00
- Take Profit Zone: 1,276.30 – 1,280.70
- Stop Loss Level: 1,300.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
