Here are the key factors to keep in mind today for Gold trades:
- Chinese Retail Sales: Chinese Retail Sales for March increased by 10.9% annualized. Economists predicted an increase of 9.7% annualized. Forex traders can compare this to Chinese Retail Sales for February which increased by 10.9% annualized.
- Chinese Fixed Assets ex Rural: Chinese Fixed Assets ex Rural for March increased by 9.2% annualized. Economists predicted an increase of 8.8% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for February which increased by 8.9% annualized.
- Chinese Industrial Production: Chinese Industrial Production for March increased by 7.6% annualized. Economists predicted an increase of 6.3% annualized. Forex traders can compare this to Chinese Industrial Production for February which increased by 6.0% annualized.
- Chinese GDP: The Chinese GDP for the first-quarter increased by 1.3% quarterly and by 6.9% annualized. Economists predicted an increase of 1.5% quarterly and of 6.8% annualized. Forex traders can compare this to the Chinese GDP for the fourth-quarter which increased by 1.7% quarterly and by 6.8% annualized.
- Japanese Condominium Sales: Japanese Condominium Sales for March increased by 26.6% annualized. Forex traders can compare this to Japanese Condominium Sales for February which increased by 3.3% annualized.
- US Empire Manufacturing Index: The US Empire Manufacturing Index for April is predicted at 15.00. Forex traders can compare this to the US Empire Manufacturing Index for March which was reported at 16.40.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for April is predicted at 70. Forex traders can compare this to the US NAHB Housing Market Index for March which was reported at 71.
- US Net Long-Term TIC Flows: US Net Long-Term TIC Flows for February are predicted at $12.4B. Forex traders can compare this to US Net Long-Term TIC Flows for January which were reported at $6.3B.
Should price action for Gold remain inside the or breakdown below the 1,285.00 to 1,290.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,287.50
- Take Profit Zone: 1,195.00 – 1,200.00
- Stop Loss Level: 1,300.00
Should price action for Gold breakout above 1,290.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,295.00
- Take Profit Zone: 1,330.00 – 1,340.00
- Stop Loss Level: 1,285.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
