Here are the key factors to keep in mind today for Gold trades:
- Chinese Industrial Profits: Chinese Industrial Profits for July increased by 16.5% annualized. Forex traders can compare this to Chinese Industrial Profits for June which increased by 19.1% annualized.
- Eurozone M3 Money Supply Seasonally Adjusted: Eurozone M3 Money Supply Seasonally Adjusted for July increased by 4.5% annualized. Economists expected an increase of 4.9% annualized. Forex traders can compare this to Eurozone M3 Money Supply Seasonally Adjusted for June which increased by 5.0% annualized.
- Swiss Total Sights Deposits and Domestic Sights Deposits: Swiss Total Sights Deposits for the week ending August 25th were reported at CHF579.8B and Domestic Sights Deposits were reported at CHF472.0B. Forex traders can compare this to Swiss Total Sights Deposits for the week ending August 18th which were reported at CHF579.5B and to Swiss Total Sights Deposits which were reported at CHF470.3B.
- US Wholesale Inventories: Preliminary US Wholesale Inventories for July are predicted to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Inventories for June which increased by 0.7% monthly.
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for July is predicted at -$64.5B. Forex traders can compare this to the US Advanced Goods Trade Balance for June which was reported at -$63.9B.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for August is predicted at 16.8. Forex traders can compare this to the US Dallas Fed Manufacturing Index for July which was reported at 16.8.
Should price action for Gold remain inside the or breakdown below the 1,295.00 to 1,300.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,297.50
- Take Profit Zone: 1,255.00 – 1,260.00
- Stop Loss Level: 1,310.00
Should price action for Gold breakout above 1,300.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,305.00
- Take Profit Zone: 1,315.00 – 1,320.00
- Stop Loss Level: 1,295.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
