Here are the key factors to keep in mind today for Gold trades:
- Australian Westpac Consumer Confidence Index: The Australian Westpac Consumer Confidence Index for May decreased by 1.1% monthly to 98.0. Forex traders can compare this to the Australian Westpac Consumer Confidence Index for April which decreased by 0.7% monthly to 99.0.
- Australian Wage Cost Index: The Australian Wage Cost Index for the first-quarter increased by 0.5% quarterly and by 1.9% annualized. Economists predicted an increase of 0.5% quarterly and 1.9% annualized. Forex traders can compare this to the Australian Wage Cost Index for the fourth-quarter which increased by 0.4% quarterly and 1.9% annualized.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for March decreased by 1.9% monthly and increased by 3.5% annualized. Forex traders can compare this to the previous Japanese Industrial Production for March which decreased by 2.1% monthly and which increased by 3.3% annualized. Capacity Utilization for March decreased by 1.6% monthly. Forex traders can compare this to Capacity Utilization for February which increased by 3.2% monthly.
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for April is predicted at 7.5K and the Claimant Count Rate at 2.2%. Forex traders can compare this to the UK Jobless Claims Change for March which were reported at 25.5K and the Claimant Count Rate which was reported at 2.2%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in March is predicted at 21K and the ILO Unemployment Rate at 4.7%. Forex traders can compare this to the UK Employment Change for the tri-monthly period ending in February which was reported at 39K and to the ILO Unemployment Rate which was reported at 4.7%. Average Weekly Earnings for the tri-monthly period ending in March is predicted to increase by 2.4% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 2.1% annualized. Forex traders can compare this to Average Weekly Earnings for the tri-monthly period ending in February which increased by 2.3% and Average Weekly Earnings Excluding Bonuses which increased by 2.2%.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for April is predicted to increase by 0.4% monthly. Forex traders can compare this to the Eurozone CPI for March which increased by 0.8% monthly. The Final Eurozone CPI for April is predicted to increase by 1.9% annualized and the Eurozone Core CPI is predicted to increase by 1.2% annualized. Forex traders can compare this to the previous Eurozone CPI for April which increased by 1.5% annualized and to the Eurozone Core CPI which increased by 1.2% annualized.
- Canadian Manufacturing Shipments: Canadian Manufacturing Shipments for March are predicted to increase by 0.4% monthly. Forex traders can compare this to Canadian Manufacturing Shipments for February which decreased by 0.2% monthly.
Should price action for Gold remain inside the or breakout above the 1,240.00 to 1,250.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,245.00
- Take Profit Zone: 1,290.00 – 1,300.00
- Stop Loss Level: 1,220.00
Should price action for Gold breakdown below 1,240.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,230.00
- Take Profit Zone: 1,195.00 – 1,205.00
- Stop Loss Level: 1,250.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
