Here are the key factors to keep in mind today for Gold trades:

• Australian Trade Balance: The Australian Trade Balance for April was reported at -A$1,579M. Economists predicted -A$2,100M. Forex traders can compare this to the Australian Trade Balance for March which was reported at -A$1,971M.
• Australian Retail Sales: Australian Retail Sales for April increased by 0.2% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for March which increased by 0.4% monthly.
• British Markit/CIPS Construction PMI: The British Markit/CIPS Construction PMI for May is predicted at 52.0. Forex traders can compare this to the British Markit/CIPS Construction PMI for April which was reported at 52.0.
• Eurozone PPI: The Eurozone PPI for April is predicted to increase by 0.1% monthly and to decrease by 4.1% annualized. Forex traders can compare this to the Eurozone PPI for March which increased by 0.3% monthly and decreased by 4.3% annualized.
• ECB Rate Decision: The ECB is predicted to to announce its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting. The Asset Purchase Target is predicted at €80B, also unchanged from the previous meeting.
• US ADP Employment Change: The US ADP Employment Change for May is expected at 175K. Forex traders can compare this to the US ADP Employment Change for April which was reported at 156K.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of May 28th are expected at 270K and US Continuing Claims for the week of May 21st are expected at 2,152K. Forex traders can compare this to US Initial Jobless Claims for the week of May 21st which were reported at 268K and US Continuing Claims for the week of May 14th which were reported at 2,163K.

Should price action for Gold remain inside the or breakout above the 1,205.80 to 1,220.20 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,215.00
• Take Profit Zone: 1,289.00 – 1,301.00
• Stop Loss Level: 1,197.00

Should price action for Gold breakdown below 1,205.80 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,203.00
• Take Profit Zone: 1,190.00 – 1,197.00
• Stop Loss Level: 1,210.00

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.