Here are the key factors to keep in mind today for Gold trades:
- New Zealand Performance of Services Index: The New Zealand Performance of Services Index for July was reported at 56.0. Forex traders can compare this to the New Zealand Performance of Services Index for June which was reported at 58.3.
- New Zealand Retail Sales excluding Inflation: New Zealand Retail Sales excluding Inflation for the second-quarter increased by 2.0% quarterly. Economists predicted an increase of 0.7% quarterly. Forex traders can compare this to New Zealand Retail Sales excluding Inflation for the first-quarter which increased by 1.6% quarterly.
- Japanese GDP: The Preliminary Japanese GDP for the second-quarter increased by 1.0% quarterly and by 4.0% annualized. Economists predicted an increase of 0.6% quarterly and of 2.5% annualized. Forex traders can compare this to the Japanese GDP for the first-quarter which increased by 0.4% quarterly and by 1.5% annualized. The Preliminary Nominal GDP for the second-quarter increased by 1.1% quarterly. Economists predicted an increase of 0.7% quarterly. Forex traders can compare this to the Nominal GDP for the first-quarter which decreased by 0.3% quarterly. The Preliminary GDP Deflator for the second-quarter decreased by 0.4% annualized. Economists predicted a decrease of 0.5% annualized. Forex traders can compare this to the Preliminary GDP Deflator for the first-quarter which decreased by 0.8% annualized. Preliminary Private Consumption for the second-quarter increased by 0.9% quarterly and Preliminary Business Spending increased by 2.4% quarterly. Economists predicted an increase of 0.5% quarterly and of 1.2% quarterly. Forex traders can compare this to Private Consumption for the first-quarter which increased by 0.4% quarterly and to Business Spending for the first-quarter which increased by 0.9% quarterly.
- Australian Credit Card Purchases and Australian Credit Card Balances: Australian Credit Card Purchases for June were reported at A$26.7B and Australian Credit Card Balances at A$52.4B. Forex traders can compare this to Australian Credit Card Purchases for May which were reported at A$28.3B and to Australian Credit Card Balances which were reported at A$52.3B.
- Chinese Industrial Production: Chinese Industrial Production for July increased by 6.4% annualized. Economists predicted an increase of 7.1% annualized. Forex traders can compare this to Chinese Industrial Production for June which increased by 7.6% annualized.
- Chinese Retail Sales: Chinese Retail Sales for July increased by 10.4% annualized. Economists predicted an increase of 10.8% annualized. Forex traders can compare this to Chinese Retail Sales for June which increased by 11.0% annualized.
- Chinese Fixed Assets ex Rural: Chinese Fixed Assets ex Rural for July increased by 8.3% annualized. Economists predicted an increase of 8.6% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for June which increased by 8.6% annualized.
- Eurozone Industrial Production: Eurozone Industrial Production for June decreased by 0.6% monthly and increased by 2.6% annualized. Economists predicted a decrease of 0.5% monthly and an increase of 2.8% annualized. Forex traders can compare this to Eurozone Industrial Production for May which increased by 1.2% monthly and by 3.9% annualized.
Should price action for Gold remain inside the or breakdown below the 1,279.00 to 1,285.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,282.00
- Take Profit Zone: 1,258.00 – 1,262.00
- Stop Loss Level: 1,290.00
Should price action for Gold breakout above 1,285.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,289.00
- Take Profit Zone: 1,295.00 – 1,300.00
- Stop Loss Level: 1,285.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
