Here are the key factors to keep in mind today for Gold trades:
- Japanese Nikkei Services PMI and Composite PMI: The Japanese Nikkei Services PMI for April was reported at 52.2. Forex traders can compare this to the Japanese Nikkei Services PMI for for March which was reported at 52.9. The Japanese Nikkei Composite PMI for April was reported at 52.6. Forex traders can compare this to the Japanese Nikkei Composite PMI for for March which was reported at 52.9.
- Chinese Caixin Manufacturing PMI: The Chinese Caixin Manufacturing PMI for April was reported at 50.3. Economists predicted a figure of 51.3. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for March which was reported at 51.2.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
- Swiss SVME-PMI: The Swiss SVME-PMI for April was reported at 57.4. Economists predicted a figure of 58.2. Forex traders can compare this to the Swiss SVME-PMI for March which was reported at 58.6.
- Italian Markit/ADACI Manufacturing PMI: The Italian Markit/ADACI Manufacturing PMI for April was reported at 56.2. Economists predicted a figure of 56.0. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for March which was reported at 55.7.
- French Markit Manufacturing PMI: The Final French Markit Manufacturing PMI for April was reported at 55.1. Economists predicted a figure of 55.1. Forex traders can compare this to the previous French Markit Manufacturing PMI for April which was reported at 55.1.
- German Markit/BME Manufacturing PMI: The Final German Markit/BME Manufacturing PMI for April was reported at 58.2. Economists predicted a figure of 58.2. Forex traders can compare this to the previous German Markit/BME Manufacturing PMI for April which was reported at 58.2.
- Eurozone Markit Manufacturing PMI: The Final French Markit Manufacturing PMI for April was reported at 56.7. Economists predicted a figure of 56.8. Forex traders can compare this to the previous Eurozone Markit Manufacturing PMI for April which was reported at 56.8.
- UK Markit Manufacturing PMI: The UK Markit Manufacturing PMI for April was reported at 57.3. Economists predicted a figure of 54.0. Forex traders can compare this to the UK Markit Manufacturing PMI for March which was reported at 54.2.
- Eurozone Unemployment Rate: The Eurozone Unemployment Rate for March was reported at 9.5%. Economists predicted a figure of 9.4%. Forex traders can compare this to the Eurozone Unemployment Rate for February which was reported at 9.5%.
Should price action for Gold remain inside the or breakdown below the 1,250.00 to 1,255.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,252.50
- Take Profit Zone: 1,195.00 – 1,200.00
- Stop Loss Level: 1,275.00
Should price action for Gold breakout above 1,255.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,260.00
- Take Profit Zone: 1,300.00 – 1,310.00
- Stop Loss Level: 1,250.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
