Here are the key factors to keep in mind today for Gold trades:
- Japanese All Industry Activity Index: The Japanese All Industry Activity Index for February increased by 0.4% monthly. Economists predicted an increase of 0.5% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for January which decreased by 1.1% monthly.
- French Consumer Confidence: French Consumer Confidence for April was reported at 101. Economists predicted a reading of 100. Forex traders can compare this to French Consumer Confidence for March which was reported at 100.
- Spanish PPI: The Spanish PPI for March increased by 1.3% annualized. Forex traders can compare this to the Spanish PPI for February which increased by 1.3% annualized.
- Credit Suisse Survey Expectations: Credit Suisse Survey Expectations for April were reported at 7.2. Forex traders can compare this to Credit Suisse Survey Expectations for March which were reported at 16.7.
- US Oil Inventory Data: US Crude Oil Inventories for the week ending April 20th are predicted to show a decrease of 2.043M barrels. Traders can compare this to US Crude Oil Inventories for the week ending April 13th which showed a decrease of 1.071M barrels. US Gasoline Inventories for the week ending April 20th are predicted to show a decrease of 0.625M barrels. Traders can compare this to US Gasoline Inventories for the week ending April 13th which showed a decrease of 2.968M barrels. US Distillate Inventories for the week ending April 20th are predicted to show a decrease of 0.861M barrels. Traders can compare this to US Distillate Inventories for the week ending April 13th which showed a decrease of 3.107M barrels.
Should price action for Gold remain inside the or breakout above the 1,322.00 to 1,328.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,325.00
- Take Profit Zone: 1,365.80 – 1,370.00
- Stop Loss Level: 1,307.20
Should price action for Gold breakdown below 1,322.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,320.00
- Take Profit Zone: 1,302.50 – 1,307.20
- Stop Loss Level: 1,328.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
