Here are the key factors to keep in mind today for Gold trades:
- New Zealand Food Prices: New Zealand Food Prices for June increased by 0.4% monthly. Forex traders can compare this to New Zealand Food Prices for May which decreased by 0.5% monthly.
- Australian Westpac Consumer Confidence Index: The Australian Westpac Consumer Confidence Index for July decreased by 3.0% monthly to 99.1. Forex traders can compare this to the Australian Westpac Consumer Confidence Index for June which decreased by 1.0% monthly to 102.2.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for May decreased by 2.6% monthly and by 0.4% annualized. Forex traders can compare this to the previous Japanese Industrial Production for May which decreased by 2.3% monthly and by 0.1% annualized. Capacity Utilization decreased by 2.4% monthly. Forex traders can compare this to previous Capacity Utilization for May which decreased by 1.0% monthly.
- Eurozone Industrial Production: Eurozone Industrial Production for May is predicted to decrease by 0.8% monthly and to increase by 1.3% annualized. Forex traders can compare this to Eurozone Industrial Production for April which increased by 1.1% monthly and by 2.0% annualized.
- US Import Prices: US Import Prices for June are predicted to increase by 0.6% monthly and to decrease by 4.6% annualized. Forex traders can compare this to US Import Prices for May which increased by 1.4% monthly and which decreased by 5.0% annualized.
- Bank of Canada Interest Rate Decision: The Bank of Canada is predicted to keep interest rates unchanged at 0.50%. Forex traders can compare this to the previous interest rate decision by the Bank of Canada where interest rates were kept unchanged at 0.50%.
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: 1,185.00 – 1,200.00
- Stop Loss Level: 1,375.00
Should price action for Gold breakout above 1,375.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,385.00
- Take Profit Zone: 1,435.00 – 1,450.00
- Stop Loss Level: 1,340.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
