Here are the key factors to keep in mind today for Gold trades:
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of July 1st was reported at 120.4. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of June 24th which was reported at 121.4.
- Japanese Monetary Base and Monetary Base end of Period: The Japanese Monetary Base for June increased by 7.4% annualized and the Monetary Base end of Period was reported at ¥502.9T. Forex traders can compare this to the Japanese Monetary Base for May which increased by 8.1% annualized and to the Monetary Base end of Period which was reported at ¥492.6T.
- Australian Building Approvals: Australian Building Approvals for May decreased by 3.2% monthly and increased by 3.1% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 9.9% annualized. Forex traders can compare this to Australian Building Approvals for April which decreased by 5.0% monthly and increased by 1.9% annualized.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Economists predicted interest rates at 1.50%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
- UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for June was reported at 53.1. Economists predicted a figure of 52.5. Forex traders can compare this to the UK Markit/CIPS Construction PMI for May which was reported at 52.5.
- Eurozone PPI: The Eurozone PPI for May increased by 0.8% monthly and by 3.0% annualized. Economists predicted an increase of 0.5% monthly and of 2.7% annualized. Forex traders can compare this to the Eurozone PPI for April which was reported flat at 0.0% monthly and which increased by 1.9% annualized.
- Eurozone Retail Sales: Eurozone Retail Sales for May were reported flat at 0.0% monthly and increased by 1.4% annualized. Economists predicted an increase of 0.1 monthly and of 1.6% annualized. Forex traders can compare this to Eurozone Retail Sales for April which decreased by 0.1% monthly and which increased by 1.6% annualized.
- Canadian RBC Manufacturing PMI: The Canadian RBC Manufacturing PMI for June is predicted at 55.4. Forex traders can compare this to the Canadian RBC Manufacturing PMI for May which was reported at 56.2.
- US Factory Orders: US Factory Orders for May are predicted to increase by 0.1% monthly. Forex traders can compare this to US Factory Orders for April which decreased by 0.8% monthly.
Should price action for Gold remain inside the or breakout above the 1,237.70 to 1,251.80 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,246.00
- Take Profit Zone: 1,339.10 – 1,364.90
- Stop Loss Level: 1,228.00
Should price action for Gold breakdown below 1,237.70 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,232.70
- Take Profit Zone: 1,194.75 – 1,200.00
- Stop Loss Level: 1,246.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
