Here are the key factors to keep in mind today for Gold trades:
- New Zealand Business Performance of Manufacturing Index: The New Zealand Business Performance of Manufacturing Index for June was reported at 56.2. Forex traders can compare this to the New Zealand Business Performance of Manufacturing Index for May which was reported at 58.2.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for May decreased by 3.6% monthly and increased by 6.5% annualized. Forex traders can compare this to the previous Japanese Industrial Production for May which decreased by 3.3% monthly and which increased by 6.8% annualized. Final Capacity Utilization for May decreased by 4.1% monthly. Forex traders can compare this to previous Capacity Utilization for May which increased by 4.3% monthly.
- EU 25 New Car Registrations: EU 25 New Car Registrations for June increased by 2.1% monthly. Forex traders can compare this to EU 25 New Car Registrations for May which increased by 7.6% monthly.
- Eurozone Trade Balance: The Eurozone Trade Balance for May was reported at €19.7B. Economists predicted a figure of €20.2B. Forex traders can compare this to the Eurozone Trade Balance for January April was reported at €18.6B.
- US CPI and Core CPI: The US CPI for June is predicted to increase by 0.1% monthly and by 1.7% annualized. Forex traders can compare this to the US CPI for May which was decreased by 0.1% monthly and which increased by 1.9% annualized. The US Core CPI for June is predicted to increase by 0.2% monthly and by 1.7% annualized. Forex traders can compare this to the US Core CPI for May which increased by 0.1% monthly by 1.7% annualized.
- US Advanced Retail Sales: US Advanced Retail Sales for June are predicted to increase by 0.1% monthly and Retail Sales Less Autos are predicted to increase by 0.2% monthly. Forex traders can compare this to US Advanced Retail Sales for May which decreased by 0.3% monthly and to Retail Sales Less Autos which decreased by 0.3% monthly. Retail Sales Less Autos and Gas for June are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.3% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for May which were reported flat at 0.0% monthly and to Retail Sales Control Group which were reported flat at 0.0% monthly.
- US Industrial Production and Manufacturing Production: US Industrial Production for June is predicted to increase by 0.3% monthly and Manufacturing Production is predicted to increase by 0.2% monthly. Forex traders can compare this to US Industrial Production for May which was reported flat at 0.0% monthly and to Manufacturing Production which decreased by 0.4% monthly.Capacity Utilization for June is predicted at 76.8%. Forex traders can compare this to Capacity Utilization for May which was reported at 76.6%.
- US Michigan Consumer Confidence: US Michigan Consumer Confidence for July is predicted at 95.0. Forex traders can compare this to US Michigan Consumer Confidence for June which was reported at 95.1. Current Conditions for July are expected at 112.0 and Expectations are predicted at 84.4. Forex traders can compare this to Current Conditions for June which were reported at 112.5 and to Expectations which were reported at 83.9.
- US Business Inventories: US Business Inventories for May are predicted to increase by 0.3% monthly. Forex traders can compare this to US Business Inventories for April which decreased by 0.2% monthly.
Should price action for Gold remain inside the or breakout above the 1,217.00 to 1,222.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,219.00
- Take Profit Zone: 1,255.00 – 1,261.00
- Stop Loss Level: 1,205.00
Should price action for Gold breakdown below 1,217.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,214.00
- Take Profit Zone: 1,200.00 – 1,205.00
- Stop Loss Level: 1,222.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
