Here are the key factors to keep in mind today for Gold trades:
- Australian TD Securities Inflation: Australian TD Securities Inflation for July increased by 0.1% monthly and by 2.0% annualized. Forex traders can compare this to Australian TD Securities Inflation for June which was reported flat at 0.0% monthly and which increased by 2.0% annualized.
- New Zealand ANZ Commodity Price Index: The New Zealand ANZ Commodity Price Index for July decreased by 3.2% monthly. Forex traders can compare this to the New Zealand ANZ Commodity Price Index for June which decreased by 1.0% monthly.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for July increased by 1.5% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for June which decreased by 1.7% monthly.
- German Factory Orders: German Factory Orders for June decreased by 4.0% monthly and by 0.8% annualized. Economists predicted a decrease of 0.5% monthly and an increase of 3.4% annualized. Forex traders can compare this to German Factory Orders for May which increased by 2.6% monthly and by 4.4% annualized.
- Eurozone Sentix Investor Confidence: Eurozone Sentix Investor Confidence for August is predicted at 13.4. Forex traders can compare this to Eurozone Sentix Investor Confidence for July which was reported at 12.1.
Should price action for Gold remain inside the or breakout above the 1,204.15 to 1,219.75 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,213.30
- Take Profit Zone: 1,297.45 – 1,309.00
- Stop Loss Level: 1,180.40
Should price action for Gold breakdown below 1,204.15 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,197.00
- Take Profit Zone: 1,171.60 – 1,180.40
- Stop Loss Level: 1,204.15
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
