Here are the key factors to keep in mind today for Gold trades:

• Australian Import Price Index & Australian Export Price Index: The Australian Import Price Index for the second-quarter decreased by 0.1% quarterly and the Australian Export Price Index decreased by 5.7% quarterly. Economists predicted an increase of 0.7% and a decrease of 5.5%. Forex traders can compare this to the Australian Import Price Index for the first-quarter which increased by 1.2% quarterly and to the Australian Export Price Index which increased by 8.8% quarterly.
• Chinese Industrial Profits: Chinese Industrial Profits for June increased by 19.1% annualized. Forex traders can compare this to Chinese Industrial Profits for May which increased by 16.7% annualized.
• German GfK Consumer Confidence Survey: The German GfK Consumer Confidence Survey for August was reported at 10.8. Economists predicted a figure of 10.6. Forex traders can compare this to the German GfK Consumer Confidence Survey for July which was reported at 10.6.
• UK CBI Retailing Reported Sales and CBI Total Distributed Reported Sales: UK CBI Retailing Reported Sales for July were reported at 22 and CBI Total Distributed Reported Sales were reported at 21. Economists predicted a figure of 10 and 15. Forex traders can compare this to UK CBI Retailing Reported Sales for June which were reported at 12 and to CBI Total Distributed Reported Sales which were reported at 17.
• US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for June increased by 6.5% monthly and Durables Excluding Transportation increased by 0.2% monthly. Economists predicted an increase of 3.9% and of 0.4%. Forex traders can compare this to US Durable Goods Orders for May which decreased by 0.1% monthly and to Durables Excluding Transportation which increased by 0.6% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for June decreased by 0.1% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft increased by 0.2% monthly. Economists predicted an increase of 0.3% and of 0.3%. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for May which increased by 0.7% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 0.4% monthly.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of July 22nd were reported at 244K and US Continuing Claims for the week of July 15th were reported at 1,964K. Economists predicted a figure of 240K and of 1,960K. Forex traders can compare this to US Initial Jobless Claims for the week of July 15th which were reported at 234K and US Continuing Claims for the week of July 8th which were reported at 1,977K.
• US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for June was reported at -$63.9B. Economists predicted a figure of -$65.5. Forex traders can compare this to the US Advanced Goods Trade Balance for May which was reported at -$66.3B.
• US Wholesale Inventories: US Wholesale Inventories for June increased by 0.6% monthly. Economists predicted an increase of 0.3%. Forex traders can compare this to US Wholesale Inventories for May which decreased by 0.4% monthly.
• US Chicago Fed National Activity Index: The US Chicago Fed National Activity Index for June was reported at 0.13. Economists predicted a figure of 0.37. Forex traders can compare this to the US Chicago Fed National Activity Index for May which was reported at -0.30.
• US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for July is predicted at 11. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for June which was reported at 11.

Should price action for Gold remain inside the or breakout above the 1,260.00 to 1,267.00 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,264.00
• Take Profit Zone: 1,290.00 – 1,295.00
• Stop Loss Level: 1,249.00

Should price action for Gold breakdown below 1,260.00 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,257.00
• Take Profit Zone: 1,234.00 – 1,237.00
• Stop Loss Level: 1,267.00

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.