Here are the key factors to keep in mind today for Gold trades:
- New Zealand Business Manufacturing PMI: The New Zealand Business Manufacturing PMI for June was reported at 52.8. Forex traders can compare this to the New Zealand Business Manufacturing PMI for May which was reported at 54.4.
- Chinese Aggregate Financing: Chinese Aggregate Financing for June was reported at CNY1,800.0B. Economists predicted a figure of CNY1,400.0B. Forex traders can compare this to Chinese Aggregate Financing for May which was reported at CNY760.8B.
- Chinese New Yuan Loans: Chinese New Yuan Loans for June were reported at CNY1,840.0B. Economists predicted a figure of CNY1,535.0B. Forex traders can compare this to Chinese New Yuan Loans for May which were reported at CNY1,150.0B.
- Chinese Money Supply M2: Chinese Money Supply M2 for June increased by 8.0% annualized. Economists predicted an increase of 8.4% annualized. Forex traders can compare this to Chinese Money Supply M2 for May which increased by 8.3% annualized.
- Chinese Trade Balance: The Chinese Trade Balance for June was reported at $41.61B. Economists predicted a figure of $27.22B. Forex traders can compare this to the Chinese Trade Balance for May which was reported at $24.92B. Exports increased by 11.3% annualized and Imports increased by 14.1% annualized. Economists predicted an increase of 9.5% and of 21.3%. Forex traders can compare this to Exports for May which increased by 12.6% annualized and to Imports which increased by 26.0% annualized.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for May decreased by 0.2% monthly and increased by 4.2% annualized. Forex traders can compare this to previous Japanese Industrial Production for May which decreased by 0.2% monthly and which increased by 4.2% annualized. Capacity Utilization for May decreased by 2.1% monthly. Forex traders can compare this to Capacity Utilization for April which increased by 1.8% monthly.
- German Wholesale Price Index: The German Wholesale Price Index for June increased by 0.5% monthly and by 3.4% annualized. Forex traders can compare this to the German Wholesale Price Index for May which increased by 0.8% monthly and by 2.9% annualized.
- Swiss Producer Import Prices: Swiss Producer Import Prices for June increased by 0.2% monthly and by 3.5% annualized. Forex traders can compare this to Swiss Producer Import Prices for May which increased by 0.2% monthly and by 3.2% annualized.
- US Import and Export Price Index: The US Import Price Index for June is predicted to increase by 0.1% monthly and by 4.7% annualized. Forex traders can compare this to the US Import Price Index for May which increased by 0.6% monthly and by 4.3% annualized. The US Import Price Index excluding Petroleum for June is predicted to increase by 0.3% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for May which increased by 0.1% monthly. The US Export Price Index for June is predicted to increase by 0.2% monthly and by 5.5% annualized. Forex traders can compare this to the US Export Price Index for May which increased by 0.6% monthly and by 4.9% annualized.
- US Michigan Consumer Sentiment: Preliminary US Michigan Consumer Sentiment for July is predicted at 98.1. Forex traders can compare this to US Michigan Consumer Confidence for June which was reported at 98.2. Preliminary Current Conditions for July are expected at 113.0 and Preliminary Expectations are predicted at 89.7. Forex traders can compare this to Current Conditions for June which were reported at 116.5 and to Expectations which were reported at 86.3.
Should price action for Gold remain inside the or breakout above the 1,237.65 to 1,247.80 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,242.00
- Take Profit Zone: 1,299.10 – 1,309.00
- Stop Loss Level: 1,214.00
Should price action for Gold breakdown below 1,237.65 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,232.00
- Take Profit Zone: 1,204.70 – 1,214.00
- Stop Loss Level: 1,242.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
