Here are the key factors to keep in mind today for Gold trades:
- New Zealand Performance of Services Index: The New Zealand Performance of Services Index for April was reported at 55.9. Forex traders can compare this to the New Zealand Performance of Services Index for March which was reported at 58.6.
- Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for April increased by 0.1% monthly and by 2.0% annualized. Economists predicted an increase of 0.1% monthly and of 2.0% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for March which decreased by 0.1% monthly and which increased by 2.1% annualized.
- Japanese Loans & Discounts: Japanese Loans & Discounts for March increased by 1.91% annualized. Forex traders can compare this to Japanese Loans & Discounts for February which increased by 2.15%.
- Australian Credit Card Purchases and Australian Credit Card Balances: Australian Credit Card Purchases for March were reported at A$26.6B and Australian Credit Card Balances at A$52.5B. Forex traders can compare this to Australian Credit Card Purchases for February which were reported at A$25.3B and to Australian Credit Card Balances which were reported at A$52.7B.
- Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for April increased by 22.0% annualized. Forex traders can compare this to Japanese Machine Tool Orders for March which increased by 28.1% annualized.
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of May 11th were reported at CHF576.2B and Swiss Domestic Sight Deposits were reported at CHF472.8B. Forex traders can compare this to Swiss Total Sight Deposits for the week of May 4th which were reported at CHF575.9B and to Swiss Domestic Sight Deposits which were reported at CHF473.8B.
Should price action for Gold remain inside the or breakout above the 1,317.70 to 1,325.70 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,321.30
- Take Profit Zone: 1,356.50 – 1,365.80
- Stop Loss Level: 1,310.60
Should price action for Gold breakdown below 1,317.70 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,314.00
- Take Profit Zone: 1,300.00 – 1,304.60
- Stop Loss Level: 1,321.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
