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 June 24th was reported at 121.4. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of June 17th which was reported at 122.1.
- Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for May increased by 1.0% annualized. Economists predicted an increase of 1.0% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for April which increased by 0.9% annualized.
- UK BBA Loans for House Purchase: UK BBA Loans for House Purchase for May are predicted at 38,250. Forex traders can compare this to UK BBA Loans for House Purchase for April which were reported at 38,049.
- UK CBI Reported Sales and CBI Total Distributed Reported Sales: UK CBI Reported Sales for June are predicted at 10 and CBI Total Distributed Reported Sales are predicted at 15. Forex traders can compare this to UK CBI Reported Sales for May which were reported at 10 and to CBI Total Distributed Reported Sales which were reported at 17.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for April is predicted to increase by 0.40% monthly and by 6.80% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for March which increased by 0.53% monthly and by 6.79% annualized.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for June is predicted at 15. Forex traders can compare this to the US Richmond Fed Manufacturing Index for May which was reported at 16.
- US Consumer Confidence: US Consumer Confidence for June is predicted at 128.0. Forex traders can compare this to US Consumer Confidence for May which was reported at 128.0.
Should price action for Gold remain inside the or breakout above the 1,261.15 to 1,270.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,264.00
- Take Profit Zone: 1,339.10 – 1,364.90
- Stop Loss Level: 1,243.60
Should price action for Gold breakdown below 1,261.15 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,251.40
- Take Profit Zone: 1,204.70 – 1,214.10
- Stop Loss Level: 1,270.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
