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

• Australian HIA New Home Sales: Australian HIA New Home Sales for April increased by 0.8% monthly. Forex traders can compare this to Australian HIA New Home Sales for March which decreased by 1.1% monthly.
• Japanese Consumer Confidence: Japanese Consumer Confidence for May was reported at 43.6. Economists predicted a figure of 43.5. Forex traders can compare this to Japanese Consumer Confidence for April which was reported at 43.2.
• UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for May was reported at 56.0. Forex traders can compare this to the UK Markit/CIPS Construction PMI for November which was reported at 52.8.
• Eurozone PPI: The Eurozone PPI for April was reported flat at 0.0% monthly and increased by 4.3% annualized. Economists predicted an increase of 0.2% monthly and of 4.5% annualized. Forex traders can compare this to the Eurozone PPI for March which decreased by 0.3% monthly and which increased by 3.9% annualized.
• Canadian Labor Productivity: Canadian Labor Productivity for the first-quarter is predicted to increase by 0.2% quarterly. Forex traders can compare this to Canadian Labor Productivity for the fourth-quarter which increased by 0.4% quarterly.
• Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for April is predicted at -C$0.03B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for March which was reported at -C$0.14B.
• US NFP Report: The US NFP Report for May is predicted to show 180K job additions and an unemployment rate of 4.4%. Forex traders can compare this to the US NFP Report for April which showed 211K job additions and an unemployment rate of 4.4%. Private Payrolls for May are predicted to show 173K job additions and Manufacturing Payrolls 5K job additions. Forex traders can compare this to Private Payrolls for April which showed 194K job additions and Manufacturing Payrolls which showed 6K job additions. The Average Work Week for May is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for April which was reported at 34.4 hours. Average Hourly Earnings for May are predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to Average Hourly Earnings for April which increased by 0.3% monthly and by 2.5% annualized.
• US Trade Balance: The US Trade Balance for April is predicted at -$45.5B. Forex traders can compare this to the US Trade Balance for March which was reported at -$43.7B.

Should price action for Gold remain inside the or breakdown below the 1,260.00 to 1,265.00 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,262.50
• Take Profit Zone: 1,215.00 – 1,220.00
• Stop Loss Level: 1,275.00

Should price action for Gold breakout above 1,265.00 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,270.00
• Take Profit Zone: 1,295.00 – 1,300.00
• Stop Loss Level: 1,260.00

Open your PaxForex Trading Account now and add this commodity to your portfolio.