Here are the key factors to keep in mind today for Gold trades:
- New Zealand QV House Prices: New Zealand QV House Prices for May increased by 6.9% annualized. Forex traders can compare this to New Zealand QV House Prices for April which increased by 7.6% annualized.
- Australian AiG Performance of Construction Index: The Australian AiG Performance of Construction Index for May was reported at 54.0. Forex traders can compare this to the Australian AiG Performance of Construction Index for April which was reported at 55.4.
- Japanese Official Reserve Assets: Japanese Official Reserve Assets for May were reported at $1,254.5B. Forex traders can compare this to Japanese Official Reserve Assets for April which were reported at $1,256.0B.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for June 1st was reported at -¥1,665.8B and Japanese Buying Foreign Stocks was reported at ¥370.5B. Forex traders can compare this to Japanese Buying Foreign Bonds for May 25th which was reported at -¥700.2B and to Japanese Buying Foreign Stocks which was reported at ¥255.8B. Foreign Buying Japanese Bonds for June 1st was reported at ¥431.2B and Foreigners Buying Japanese Stocks was reported at -¥527.6B. Forex traders can compare this to Foreign Buying Japanese Bonds for May 25th which was reported at -¥216.7B and to Foreigners Buying Japanese Stocks which was reported at -¥380.0B.
- Australian Trade Balance: The Australian Trade Balance for April was reported at A$977M. Economists predicted a figure of A$1,000M. Forex traders can compare this to the Australian Trade Balance for March which was reported at A$1,731M.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for April was reported at 105.6 and the Preliminary Japanese Coincident Index was reported at 117.7. Economists predicted a figure of 105.6 and of 117.8. Forex traders can compare this to the Japanese Leading Index for March which was reported at 104.5 and to the Japanese Coincident Index which was reported at 116.0.
- Swiss Unemployment Rate: The Swiss Unemployment Rate for May was reported at 2.4% and the Seasonally Adjusted Unemployment Rate was reported at 2.6%. Economists predicted a rate of 2.5% and of 2.6%. Forex traders can compare this to the Swiss Unemployment Rate for April which was reported at 2.7% and the Seasonally Adjusted Unemployment Rate which was reported at 2.7%.
- German Factory Orders: German Factory Orders for April decreased by 2.5% monthly and by 0.1% annualized. Economists predicted an increase of 0.8% monthly and of 3.6% annualized. Forex traders can compare this to German Factory Orders for March which decreased by 0.9% monthly and which increased by 2.9% annualized.
- UK Halifax House Price Index: The UK Halifax House Price Index for May is predicted to increase by 1.0% monthly and by 1.9% tri-monthly annualized. Forex traders can compare this to the UK Halifax House Price Index for April which decreased by 3.1% monthly and which increased by 2.2% tri-monthly annualized.
- Eurozone GDP: Eurozone Final GDP for the first-quarter is predicted to increase by 0.4% quarterly and by 2.5% annualized. Forex traders can compare this to the previous Eurozone GDP for the first-quarter which increased by 0.4% quarterly and by 2.5% annualized. Eurozone Household Consumption for the first-quarter is predicted to increase by 0.2% quarterly, Eurozone Government Expenditure is predicted to increase by 0.2% quarterly and Eurozone Gross Fixed Capital is predicted to increase by 0.7% quarterly. Forex traders can compare this to Eurozone Household Consumption for the fourth-quarter which increased by 0.2% quarterly, to Eurozone Government Expenditure which increased by 0.3% quarterly and to Eurozone Gross Fixed Capital which increased by 0.9% quarterly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of June 2nd are predicted at 225K and US Continuing Claims for the week of May 26th are predicted at 1,740K. Forex traders can compare this to US Initial Jobless Claims for the week of May 26th which were reported at 221K and to US Continuing Claims for the week of May 19th which were reported at 1,726K.
- US Consumer Credit: US Consumer Credit for April is predicted at $14.000B. Forex traders can compare this to US Consumer Credit for March which was reported at $11.622B.
Should price action for Gold remain inside the or breakout above the 1,289.60 to 1,301.50 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,297.00
- Take Profit Zone: 1,356.55 – 1,364.95
- Stop Loss Level: 1,281.85
Should price action for Gold breakdown below 1,289.60 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,285.00
- Take Profit Zone: 1,247.20 – 1,260.40
- Stop Loss Level: 1,301.50
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
