Here are the key factors to keep in mind today for Gold trades:
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of August 26th was reported at 116.5. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of August 19th which was reported at 114.1.
- Eurozone Money Supply M3: Eurozone Money Supply M3 for July is predicted to increase by 4.3% annualized. Forex traders can compare this to Eurozone Money Supply M3 for June which increased by 4.4% annualized.
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for July is predicted at -$69.0B. Forex traders can compare this to the US Advanced Goods Trade Balance for June which was reported at -$68.3B.
- US Wholesale Inventories: US Preliminary Wholesale Inventories for July are predicted to increase by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for June which increased by 0.1% monthly.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for June is predicted to increase by 0.20% monthly and by 6.43% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for May which increased by 0.20% monthly and by 6.51% annualized.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for August is predicted at 17. Forex traders can compare this to the US Richmond Fed Manufacturing Index for July which was reported at 20.
- US Consumer Confidence: US Consumer Confidence for August is predicted at 126.5. Forex traders can compare this to US Consumer Confidence for July which was reported at 127.4.
Should price action for Gold remain inside the or breakout above the 1,207.85 to 1,216.80 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,211.00
- Take Profit Zone: 1,260.10 – 1,265.60
- Stop Loss Level: 1,182.95
Should price action for Gold breakdown below 1,207.85 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,202.00
- Take Profit Zone: 1,171.70 – 1,182.15
- Stop Loss Level: 1,211.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
