Here are the key factors to keep in mind today for Gold trades:
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for June was reported at ¥974.4B. Economists predicted a figure of ¥1,103.5B. Forex traders can compare this to the Japanese Current Account Balance for May which was reported at ¥1,809.1B. The Japanese Adjusted Current Account Balance for June was reported at ¥1,648.4B. Economists predicted a figure of ¥1,600.1B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for May which was reported at ¥1,414.5B. The Japanese Trade Balance for April was reported at ¥763.3B. Economists predicted a figure of ¥773.3B. Forex traders can compare this to the Japanese Trade Balance for March which was reported at ¥39.9B.
- Chinese Trade Balance: The Chinese Trade Balance for July was reported at $52.31B. Economists predicted a figure of $47.30B. Forex traders can compare this to the Chinese Trade Balance for June which was reported at $48.11B. Exports decreased by 4.4% annualized and Imports decreased by 12.5% annualized. Economists predicted a decrease of 3.5% and of 7.5%. Forex traders can compare this to Exports for June which decreased by 4.8% annualized and to Imports for June which decreased by 8.4% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for July was reported at 45.1 and the Japanese Eco Watchers Survey Outlook Index was reported at 47.1. Economists predicted a figure of 42.5 and of 42.0. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for June which was reported at 41.2 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 41.5.
- German Industrial Production: German German Industrial Production for June increased by 0.8% monthly and by 0.5% annualized. Economists predicted an increase of 0.7% and of 0.5%. Forex traders can compare this to German Industrial Production for May which decreased by 0.9% monthly and by 0.4% annualized.
- Eurozone Sentix Investor Confidence: The Eurozone Sentix Investor Confidence for August is predicted at 3.0. Forex traders can compare this to the July Eurozone Sentix Investor Confidence which was reported at 1.7.
- Canadian Building Permits: Canadian Building Permits for June are predicted to increase by 1.5% monthly. Forex traders can compare this to Canadian Building Permits for May which decreased by 1.9% monthly.
Should price action for Gold remain inside the or breakdown below the 1,330.00 to 1,340.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,335.00
- Take Profit Zone: 1,190.00 – 1,200.00
- Stop Loss Level: 1,370.00
Should price action for Gold breakout above 1,370.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,380.00
- Take Profit Zone: 1,450.00 – 1,470.00
- Stop Loss Level: 1,330.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
