Here are the key factors to keep in mind today for Gold trades:
- Australian Westpac Leading Index: The Australian Westpac Leading Index for May increased by 0.21% monthly. Forex traders can compare this to the Australian Westpac Leading Index for April which increased by 0.14%.
- Australian Skilled Vacancies: Australian Skilled Vacancies for May increased by 1.0% monthly. Forex traders can compare this to Australian Skilled Vacancies for April which increased by 0.8%.
- New Zealand Credit Card Spending: New Zealand Credit Card Spending for May was reported at 0.0% monthly and increased by 5.9% annualized. Forex traders can compare this to New Zealand Credit Card Spending for April which increased by 2.4% monthly and by 9.1% annualized.
- Canadian Retail Sales: Canadian Retail Sales for April are predicted to increase by 0.8% monthly. Forex traders can compare this to Canadian Retail Sales for March which decreased by 1.0% monthly. Canadian Retail Sales Less Autos for April are predicted to increase by 0.6% monthly. Forex traders can compare this to Canadian Retail Sales Less Autos for March which decreased by 0.3% monthly.
- US House Price Index: The US House Price Index for April are predicted to increase by 0.6% monthly. Forex traders can compare this to to the US House Price Index for March which increased by 0.7% monthly.
- Advanced Eurozone Consumer Confidence: Advanced Eurozone Consumer Confidence for June is predicted at -7. Forex traders can compare this to the previous Eurozone Consumer Confidence for June which was reported at -7.
- US Existing Home Sales: US Existing Home Sales for May are predicted to increase by 0.9% monthly to 5.50M. Forex traders can compare this to US Existing Home Sales for April which increased by 1.7% monthly to 5.45M.
Should price action for Gold remain inside the or breakdown below the 1,263.00 to 1,268.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,265.00
- Take Profit Zone: 1,200.00 – 1,210.00
- Stop Loss Level: 1,280.00
Should price action for Gold breakout above 1,268.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,270.00
- Take Profit Zone: 1,305.00 – 1,315.00
- Stop Loss Level: 1,260.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
