Here are the key factors to keep in mind today for Gold trades:
- UK BRC Like-for-Like Sales: UK BRC Like-for-Like Sales for July increased by 0.9% annualized. Economists predicted an increase of 0.9% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for June which increased by 1.2% annualized.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of August 6th was reported at 113.7. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of July 30th which was reported at 118.4.
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for June was reported at ¥934.6B. Economists predicted a figure of ¥860.5B. Forex traders can compare this to the Japanese Current Account Balance for May which was reported at ¥1,653.9B. The Japanese Adjusted Current Account Balance for June was reported at ¥1,522.5B. Economists predicted a figure of ¥1,502.9B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for May which was reported at ¥1,400.9B. The Japanese Trade Balance for June was reported at ¥518.5B. Economists predicted a figure of ¥571.5B. Forex traders can compare this to the Japanese Trade Balance for May which was reported at -¥115.1B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for July increased by 3.3% annualized and Japanese Bank Lending excluding Trusts increased by 3.4% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for June which increased by 3.3% annualized and to Japanese Bank Lending excluding Trusts which increased by 3.3% annualized.
- Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for July were reported at 15 and Australian NAB Business Confidence was reported at 12. Forex traders can compare this to NAB Business Conditions for June which were reported at 14 and to Australian NAB Business Confidence which was reported at 8.
- Chinese Trade Balance: The Chinese Trade Balance for July was reported at $46.74B. Economists predicted a figure of $45.00B. Forex traders can compare this to the Chinese Trade Balance for June which was reported at $42.75B. Exports increased by 7.2% annualized and Imports increased by 11.0% annualized. Economists predicted an increase of 11.0% and of 18.0%. Forex traders can compare this to Exports for June which increased by 11.3% annualized and to Imports which increased by 17.2% annualized.
- Japanese Bankruptcies: Japanese Bankruptcies for July increased by 0.28% annualized. Forex traders can compare this to Japanese Bankruptcies for June which decreased by 7.47% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for July was reported at 49.7 and the Japanese Eco Watchers Survey Outlook Index was reported at 50.3. Economists predicted a figure of 50.2 and 51.0. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for June which was reported at 50.0 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 50.5.
- Swiss Unemployment Rate: The Swiss Unemployment Rate for July was reported at 3.0% and the Seasonally Adjusted Unemployment Rate was reported at 3.2%. Economists predicted a rate of 3.0% and of 3.2%. Forex traders can compare this to the Swiss Unemployment Rate for June which was reported at 3.0% and the Seasonally Adjusted Unemployment Rate which was reported at 3.2%.
- Swiss UBS Real Estate Bubble Index: The Swiss UBS Real Estate Bubble Index for the second-quarter was reported at 1.38. Forex traders can compare this to the Swiss UBS Real Estate Bubble Index for the first-quarter which was reported at 1.38.
- German Trade Balance & German Current Account Balance: The German Trade Balance for June was reported at a €22.3B. Economists predicted a figure of €23.0B. Forex traders can compare this to German Trade Balance for May which was reported at €22.0B. Exports decreased by 2.8% monthly and Imports decreased by 4.5% monthly. Economists predicted an increase of 0.2% monthly and of 0.2% monthly. Forex traders can compare this to Exports for May which increased by 1.5% monthly and to Imports which increased by 1.3% monthly. The German Current Account Balance for June was reported at a €23.6B. Economists predicted a figure of €24.5B. Forex traders can compare this to the German Current Account Balance for May which was reported at €16.0B.
- US NFIB Small Business Optimism Index: The US NFIB Small Business Optimism Index for July is predicted at 103.5. Forex traders can compare this to the NFIB Small Business Optimism Index for June which was reported at 103.6.
- Canadian Housing Starts: Canadian Housing Starts for July are predicted at 205.0K. Forex traders can compare this to Canadian Housing Starts for June which were reported at 213.2K.
- US JOLTS Job Openings: US JOLTS Job Openings for June a predicted at 5,700. Forex traders can compare this to US JOLTS Job Openings for May which were reported at 5,666.
Should price action for Gold remain inside the or breakout above the 1,257.00 to 1,263.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,260.00
- Take Profit Zone: 1,290.00 – 1,295.00
- Stop Loss Level: 1,252.00
Should price action for Gold breakdown below 1,257.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,252.00
- Take Profit Zone: 1,220.00 – 1,229.00
- Stop Loss Level: 1,263.00
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