Here are the key factors to keep in mind today for Gold trades:
- New Zealand Producer Prices: New Zealand Producer Prices Inputs for the second-quarter increased by 0.9% quarterly and New Zealand Producer Prices Outputs increased by 0.2% quarterly. Forex traders can compare this to New Zealand Producer Prices Inputs for the first-quarter which decreased by 1.0% quarterly and to New Zealand Producer Prices Outputs which decreased by 0.2% quarterly.
- New Zealand Employment Data: The Unemployment Rate for the second-quarter was reported at 5.1%. Economists predicted an Unemployment Rate of 5.3%. Forex traders can compare this to the Unemployment Rate for the first-quarter which was reported at 5.2%. The Employment Change for the second-quarter increased by 2.4% quarterly and by 4.5% annualized. Economists predicted an increase of 0.6% quarterly and 2.3% annualized. Forex traders can compare this to the Employment Change for the first-quarter which increased by 1.3% quarterly and 2.0% annualized. The Participation Rate for the second-quarter was reported at 69.7% quarterly. Economists predicted a Participation Rate of 68.8% quarterly. Forex traders can compare this to the Participation Rate for the first-quarter which was reported at 69.0% quarterly.
- Australian Westpac Leading Index: The Australian Westpac Leading Index for July increased by 0.05% monthly. Forex traders can compare this to the Australian Westpac Leading Index for June which decreased by 0.22%.
- Australian Wage Cost Index: The Australian Wage Cost Index for the second-quarter increased by 05% quarterly and by 2.1% annualized. Economists predicted an increase of 0.5% quarterly and 2.0% annualized. Forex traders can compare this to the Australian Wage Cost Index for the first-quarter which increased by 0.5% quarterly and 2.1% annualized.
- UK Jobless Claims Change and Claimant Count Rate: UK Jobless Claims Change for July was reported at -8.6K and the Claimant Count Rate was reported at 2.2%. Economists predicted a reading of 9.0K and 2.2%. Forex traders can compare this to UK Jobless Claims Change for for June which was reported at 0.4K and the Claimant Count Rate which was reported at 2.2%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in June was reported at 172K and the ILO Unemployment Rate at 4.9%. Economists predicted a reading of 153K and 4.9%. Forex traders can compare this to the UK Employment Change for May which was reported at 176K and to the ILO Unemployment Rate which was reported at 4.9%. Average Weekly Earnings for the tri-monthly period ending in June increased by 2.4% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.3% annualized. Economists predicted an increase of 2.4% and of 2.3%. Forex traders can compare this to Average Weekly Earnings for May which increased by 2.3% and Average Weekly Earnings Excluding Bonuses which increased by 2.2%.
Should price action for Gold remain inside the or breakdown below the 1,340.00 to 1,350.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,345.00
- Take Profit Zone: 1,200.00 – 1,210.00
- Stop Loss Level: 1,380.00
Should price action for Gold breakout above 1,350.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,360.00
- Take Profit Zone: 1,380.00 – 1,400.00
- Stop Loss Level: 1,340.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
