Here are the key factors to keep in mind today for Gold trades:
- Chinese Industrial Profits: Chinese Industrial Profits for April increased by 21.9% annualized. Forex traders can compare this to Chinese Industrial Profits for March which increased by 3.1% annualized.
- Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for April increased by 0.9% annualized. Economists predicted an increase of 0.5% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for March which increased by 0.5% annualized.
- Italian PPI: The Italian PPI for April decreased by 0.4% monthly and increased by 1.3% annualized. Forex traders can compare this to the Italian PPI for March which increased by 0.2% monthly and by 1.8% annualized.
- Hong Kong Trade Balance: The Hong Kong Trade Balance for April was reported at -$37.7B. Forex traders can compare this to the Hong Kong Trade Balance for March which was reported at -$55.5B. Exports increased by 8.1% annualized and Imports increased by 11.1% annualized. Forex traders can compare this to Exports for March which increased by 8.0% annualized and to Imports which increased by 10.7% annualized.
Should price action for Gold remain inside the or breakout above the 1,292.55 to 1,307.55 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,297.25
- Take Profit Zone: 1,342.10 – 1,355.40
- Stop Loss Level: 1,281.85
Should price action for Gold breakdown below 1,292.55 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,287.70
- Take Profit Zone: 1,248.00 – 1,254.80
- Stop Loss Level: 1,297.25
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
