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

• Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of May 20th was reported at 121.6. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of May 13th which was reported at 120.8.
• Japanese Supermarket Sales: Japanese Supermarket Sales for April decreased by 1.2% annualized. Forex traders can compare this to Japanese Supermarket Sales for March which decreased by 0.1% annualized.
• Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of May 18th were reported at CHF576.4B and Swiss Domestic Sight Deposits were reported at CHF470.4B. Forex traders can compare this to Swiss Total Sight Deposits for the week of May 11th which were reported at CHF576.2B and to Swiss Domestic Sight Deposits which were reported at CHF472.8B.
• UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for April was reported at £6.2B and UK Public Sector Net Borrowing excluding Banking Groups at £7.8B. Economists predicted a figure of £7.1B and of £8.5B. Forex traders can compare this to UK Public Sector Net Borrowing for March which was reported at -£0.8B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £0.8B. UK Public Finances for April were reported at -£9.7B. Forex traders can compare this to UK Public Finances for March which were reported at £1.3B.
• UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for May are predicted at 2 and CBI Trends Selling Prices are predicted at 18. Forex traders can compare this to CBI Trends Total Orders for April which were reported at 4 and to CBI Trends Selling Prices which were reported at 18.
• Canadian Wholesale Trade Sales: Canadian Wholesale Trade Sales for March are predicted to increase by 0.8% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for February which decreased by 0.8% monthly.
• US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for May is predicted at 8. Forex traders can compare this to the US Richmond Fed Manufacturing Index for April which was reported at -3.

Should price action for Gold remain inside the or breakout above the 1,281.85 to 1,296.65 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,291.00
• Take Profit Zone: 1,355.25 – 1,364.90
• Stop Loss Level: 1,276.85

Should price action for Gold breakdown below 1,281.85 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,275.00
• Take Profit Zone: 1,236.30 – 1,248.00
• Stop Loss Level: 1,291.00

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