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 April increased by 3.7% annualized. Economists predicted an increase of 2.5% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for March which decreased by 1.1% annualized.
- Japanese Monetary Base and Monetary Base end of Period: The Japanese Monetary Base for April increased by 3.1% annualized and the Monetary Base end of Period was reported at ¥514.6T. Economists predicted a figure of 3.2% and of ¥510.9T. Forex traders can compare this to the Japanese Monetary Base for March which increased by 3.8% annualized and to the Monetary Base end of Period which was reported at ¥506.3T.
- Japanese Nikkei Services PMI and Composite PMI: The Japanese Nikkei Services PMI for April was reported at 51.8. Forex traders can compare this to the Japanese Nikkei Services PMI for for March which was reported at 52.0. The Japanese Nikkei Composite PMI for April was reported at 50.8. Forex traders can compare this to the Japanese Nikkei Composite PMI for for March which was reported at 50.4.
- Reserve Bank of New Zealand Interest Rate Announcement: The Reserve Bank of New Zealand cut interest rates by 25 basis points to 1.50%. Economists predicted a 25 basis point interest rate cut. Forex traders can compare this to Reserve Bank of New Zealand previous interest rate announcement were rates remained unchanged at 1.75%.
- Chinese Trade Balance: The Chinese Trade Balance for April was reported at $13.84B. Economists predicted a figure of $34.56B. Forex traders can compare this to the Chinese Trade Balance for March which was reported at $32.67B. Exports for April decreased by 2.7% annualized and Imports increased by 10.3% annualized. Economists predicted an increase of 3.0% and a decrease of 3.0%. Forex traders can compare this to Exports for March which increased by 14.2% annualized and to Imports which decreased by 1.8% annualized.
- Swiss Unemployment Rate: The Swiss Unemployment Rate for April was reported at 2.4% and the Seasonally Adjusted Unemployment Rate was reported at 2.4%. Economists predicted a rate of 2.4% and of 2.4%. Forex traders can compare this to the Swiss Unemployment Rate for March which was reported at 2.5% and the Seasonally Adjusted Unemployment Rate which was reported at 2.4%.
- German Industrial Production: German Industrial Production for March increased by 0.5% monthly and decreased by 0.9% annualized. Economists predicted a decrease of 0.5% monthly and of 2.7% annualized. Forex traders can compare this to German Industrial Production for February which increased by 0.4% monthly and by 0.2% annualized.
- UK Halifax House Price Index: The UK Halifax House Price Index for April is predicted to increase by 0.1% monthly and by 4.5% tri-monthly annualized. Forex traders can compare this to the UK Halifax House Price Index for March which increased by 0.1% monthly and which decreased by 1.6% tri-monthly annualized.
- Canadian Housing Starts: Canadian Housing Starts for April are predicted at 194.5K. Forex traders can compare this to Canadian Housing Starts for March which were reported at 192.5K.
Should price action for Gold remain inside the or breakout above the 1,278.00 to 1,290.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,285.00
- Take Profit Zone: 1,320.15 – 1,324.20
- Stop Loss Level: 1,272.75
Should price action for Gold breakdown below 1,278.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,273.20
- Take Profit Zone: 1,250.55 – 1,255.40
- Stop Loss Level: 1,278.00
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