Here are the key factors to keep in mind today for Gold trades:
- Japanese National CPI: The Japanese National CPI for June increased by 0.7% annualized. Economists predicted an increase of 0.8% annualized. Forex traders can compare this to the Japanese National CPI for May which increased by 0.7% annualized. The Japanese National Core CPI for June increased by 0.2% annualized. Economists predicted an increase of 0.4% annualized. Forex traders can compare this to the Japanese National Core CPI for May which increased by 0.3% annualized. The Japanese National CPI Excluding Fresh Food for June increased by 0.8% annualized. Economists predicted an increase of 0.8% annualized. Forex traders can compare this to the Japanese National CPI Excluding Fresh Food for May which increased by 0.7% annualized.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for July 13th was reported at -¥5.6B and Japanese Buying Foreign Stocks was reported at ¥273.0B. Forex traders can compare this to Japanese Buying Foreign Bonds for July 6th which was reported at ¥817.9B and to Japanese Buying Foreign Stocks which was reported at ¥380.9B. Foreign Buying Japanese Bonds for July 13th was reported at ¥601.4B and Foreigners Buying Japanese Stocks was reported at ¥653.6B. Forex traders can compare this to Foreign Buying Japanese Bonds for July 6th which was reported at ¥76.0B and to Foreigners Buying Japanese Stocks which was reported at ¥230.7B.
- New Zealand Credit Card Spending: New Zealand Credit Card Spending for June increased by 5.7% annualized. Forex traders can compare this to New Zealand Credit Card Spending for May which increased by 3.7% annualized.
- Japanese All Industry Activity Index: The Japanese All Industry Activity Index for May increased by 1.0% monthly. Economists predicted a flat reading of 0.0% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for April which increased by 1.0% monthly.
- German PPI: The German PPI for June increased by 0.3% monthly and by 3.0% annualized. Economists predicted an increase of 0.3% monthly and of 2.9% annualized. Forex traders can compare this to the German PPI for May which increased by 0.5% monthly and by 2.7% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for May was reported at €4.6B and the Eurozone Current Account (n.s.a) was reported at €27.3B. Forex traders can compare this to the Eurozone Current Account (s.a.) for April which was reported at €27.3B and to the Eurozone Current Account (n.s.a.) which was reported at €29.6B.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for June was reported at £4.50B and UK Public Sector Net Borrowing excluding Banking Groups at £5.40B. Economists predicted a figure of £3.6B and of £5.0B. Forex traders can compare this to UK Public Sector Net Borrowing for May which was reported at £3.90B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £4.70B. UK Public Finances for June were reported at £13.30B and UK Central Government Borrowing at £13.60B. Forex traders can compare this to UK Public Finances for May which were reported at £4.70B and to UK Central Government Borrowing which was reported at £6.90B.
- Canadian Retail Sales: Canadian Retail Sales for May are predicted to increase by 1.0% monthly and Canadian Retail Sales Less Autos are predicted to increase by 0.5% monthly. Forex traders can compare this to Canadian Retail Sales for April which decreased by 1.2% and to Canadian Retail Sales Less Auto which decreased by 0.1% monthly.
- Canadian CPI: The Canadian CPI for June is predicted flat at 0.0% monthly and to increase by 2.3% annualized. Forex traders can compare this to the Canadian CPI for May which increased by 0.1% monthly and by 2.2% annualized. The Canadian Core CPI for June is predicted to increase by 1.9% annualized. Forex traders can compare this to the Canadian Core CPI for May which increased by 1.9% annualized.
Should price action for Gold remain inside the or breakout above the 1,211.00 to 1,229.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,225.00
- Take Profit Zone: 1,297.00 – 1,309.00
- Stop Loss Level: 1,191.00
Should price action for Gold breakdown below 1,211.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,204.70
- Take Profit Zone: 1,122.60 – 1,132.80
- Stop Loss Level: 1,225.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
