Here are the key factors to keep in mind today for Gold trades:
- New Zealand Westpac Consumer Confidence: New Zealand Westpac Consumer Confidence for the second-quarter was reported at 108.6. Forex traders can compare this to New Zealand Westpac Consumer Confidence for the first-quarter which was reported at 111.2.
- New Zealand Current Account Balance: The New Zealand Current Account Balance for the first-quarter was reported at NZ$0.182M monthly and the Current Account-to-GDP Ratio was reported at -2.8% year-to-date. Economists predicted a figure of NZ$0,050M and of -2.8%. Forex traders can compare this to the New Zealand Current Account Balance for the fourth-quarter which was reported at -NZ$2.754M monthly and to the Current Account-to-GDP Ratio which was reported at -2.7% year-to-date.
- Australian Westpac Leading Index: The Australian Westpac Leading Index for May decreased by 0.22% monthly. Forex traders can compare this to the Australian Westpac Leading Index for April which increased by 0.23%.
- Australian Skilled Vacancies: Australian Skilled Vacancies for May decreased by 0.9% monthly. Forex traders can compare this to Australian Skilled Vacancies for April which decreased by 0.8% monthly.
- German PPI: The German PPI for May increased by 0.5% monthly and by 2.7% annualized. Economists predicted an increase of 0.4% monthly and of 2.5% annualized. Forex traders can compare this to the German PPI for April which increased by 0.5% monthly and by 2.0% annualized.
- Japanese Convenience Store Sales: Japanese Convenience Store Sales for May decreased by 1.2% annualized. Forex traders can compare this to Japanese Convenience Store Sales for April which increased by 0.7% annualized.
- UK CBI Trends Total Orders: UK CBI Trends Total Orders for June were reported at 1. Forex traders can compare this to CBI Trends Total Orders for May which were reported at -3.
- US Current Account Balance: The US Current Account Balance for the first-quarter is predicted at -$129.0B. Forex traders can compare this to the US Current Account Balance for the fourth-quarter which was reported at -$128.2B.
- US Existing Home Sales: US Existing Home Sales for May are predicted to increase by 1.3% monthly to 5.53M. Forex traders can compare this to US Existing Home Sales for April which decreased by 2.5% monthly to 5.46M.
Should price action for Gold remain inside the or breakout above the 1,270.20 to 1,276.10 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,272.00
- Take Profit Zone: 1,353.00 – 1,364.90
- Stop Loss Level: 1,260.40
Should price action for Gold breakdown below 1,270.20 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,265.30
- Take Profit Zone: 1,236.30 – 1,243.60
- Stop Loss Level: 1,276.10
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
