Here are the key factors to keep in mind today for Gold trades:
- New Zealand ANZ Consumer Confidence: New Zealand ANZ Consumer Confidence for July decreased by 1.3% monthly to 118.4. Forex traders can compare this to New Zealand ANZ Consumer Confidence for June which decreased by 0.8% monthly to 120.0.
- Australian PPI: The Australian PPI for the second-quarter of 2018 increased by 0.3% quarterly and by 1.5% annualized. Forex traders can compare this to the Australian PPI for the first-quarter of 2018 which increased by 0.5% quarterly and by 1.7% annualized.
- Chinese Industrial Profits: Chinese Industrial Profits for June increased by 20.0% annualized. Forex traders can compare this to Chinese Industrial Profits for May which increased by 21.1% annualized.
- French GDP: The Advanced French GDP for the second-quarter increased by 0.2% quarterly and by 1.7% annualized. Economists predicted an increase of 0.3% quarterly and by 1.9% annualized. Forex traders can compare this to the first-quarter GDP report which increased by 0.2% quarterly and by 2.2% annualized.
- German Import Price Index: The German Import Price Index for June increased by 0.5% monthly and by 4.8% annualized. Economists predicted an increase of 0.3% monthly and of 4.5% annualized. Forex traders can compare this to the German Import Price Index for May which increased by 1.6% monthly and by 3.2% annualized.
- US GDP: The Advanced US GDP for the second-quarter is predicted to increase by 4.2% annualized. Forex traders can compare this to the first-quarter GDP which increased by 2.0% annualized. Personal Consumption is predicted to increase by 3.1% annualized. Forex traders can compare this to first-quarter Personal Consumption which increased by 0.9% annualized. The GDP Price Index is predicted to increase by 2.3% annualized. Forex traders can compare this to the first-quarter GDP Price Index which increased by 2.2% annualized. The Core PCE is predicted to increase by 2.2% annualized. Forex traders can compare this to the first-quarter Core PCE which increased by 2.3% annualized.
- US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for July is predicted at 97.1. Forex traders can compare this to the previous US Michigan Consumer Confidence for June which was reported at 97.1.
Should price action for Gold remain inside the or breakout above the 1,210.95 to 1,234.95 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,220.00
- Take Profit Zone: 1,299.20 – 1,309.00
- Stop Loss Level: 1,194.75
Should price action for Gold breakdown below 1,210.95 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,204.70
- Take Profit Zone: 1,122.65 – 1,131.45
- Stop Loss Level: 1,220.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
