Here are the key factors to keep in mind today for Gold trades:
- Japanese Small Business Confidence: Japanese Small Business Confidence for June was reported at 49.2. Economists predicted a figure of 49.2. Forex traders can compare this to Japanese Small Business Confidence for May which was reported at 48.9.
- UK Nationwide House Prices: UK Nationwide House Prices for June increased by 1.1% monthly and by 3.1% annualized. Economists predicted an increase of 0.1% monthly and an of 1.9% annualized. Forex traders can compare this to UK Nationwide House Prices for May which decreased by 0.2% monthly and which increased by 2.1% annualized.
- German Import Price Index: The German Import Price Index for May decreased by 1.0% monthly and increased by 4.1% annualized. Economists predicted a decrease of 0.6% monthly and an increase of 4.6% annualized. Forex traders can compare this to the German Import Price Index for April which decreased by 0.1% monthly and which increased by 6.1% annualized.
- Swiss UBS Consumption Indicator: The Swiss UBS Consumption Indicator for May was reported at 1.39. Forex traders can compare this to the Swiss UBS Consumption Indicator for April which was reported at 1.34.
- Credit Suisse Survey Expectations: Credit Suisse Survey Expectations for June were reported at 20.7. Forex traders can compare this to Credit Suisse Survey Expectations for May which were reported at 30.8.
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for May is predicted at -$66.0B. Forex traders can compare this to the US Advanced Goods Trade Balance for April which was reported at -$67.1B.
- US Wholesale Inventories: US Wholesale Inventories for May are predicted to increase by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for April which decreased by 0.5% monthly.
- US Pending Home Sales: US Pending Home Sales for May are predicted to increase by 0.2% monthly and by 1.1% annualized. Forex traders can compare this to US Pending Home Sales for April which decreased by 1.3% monthly and which by 5.4% annualized.
Should price action for Gold remain inside the or breakout above the 1,249.00 to 1,255.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,252.00
- Take Profit Zone: 1,290.00 – 1,295.00
- Stop Loss Level: 1,245.00
Should price action for Gold breakdown below 1,249.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,244.00
- Take Profit Zone: 1,215.00 – 1,220.00
- Stop Loss Level: 1,255.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
