Here are the key factors to keep in mind today for Gold trades:
- New Zealand Card Spending: New Zealand Retail Card Spending for April decreased by 2.2% monthly and New Zealand Card Spending decreased by 0.9% monthly. Forex traders can compare this to New Zealand Retail Card Spending for March which increased by 1.0% monthly and to New Zealand Card Spending which increased by 0.7% monthly.
- UK BRC Like-for-Like Sales: UK BRC Like-for-Like Sales for April decreased by 4.2% annualized. Economists predicted a decrease of 0.8% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for March which increased by 1.4% annualized.
- Japanese Labor Cash Earnings and Japanese Real Cash Earnings: Japanese Labor Cash Earnings for March increased by 2.1% annualized and Japanese Real Cash Earnings increased by 0.8% annualized. Economists predicted an increase of 1.0% and a decrease of 0.5%. Forex traders can compare this to Japanese Labor Cash Earnings for February which increased by 1.0% annualized and to Japanese Real Cash Earnings which decreased by 0.8% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for March was reported at 105.0 and the Preliminary Japanese Coincident Index was reported at 116.4. Economists predicted a figure of 105.1 and of 116.4. Forex traders can compare this to the Japanese Leading Index for February which was reported at 105.9 and to the Japanese Coincident Index which was reported at 116.0.
- Canadian Building Permits: Canadian Building Permits for March are predicted to increase by 2.0% monthly. Forex traders can compare this to Canadian Building Permits for February which decreased by 2.6% monthly.
- US PPI: The US PPI for April is predicted to increase by 0.2% monthly and by 2.8% annualized. Forex traders can compare this to the US PPI for March which increased by 0.3% monthly and by 3.0% annualized. The US Core PPI for April is predicted to increase by 0.2% monthly and by 2.4% annualized. Forex traders can compare this to the US Core PPI for March which increased by 0.3% monthly and by 2.7% annualized. The US Core PPI ex Trade for April is predicted to increase by 0.3% monthly and by 2.5% annualized. Forex traders can compare this to the US Core PPI ex Trade for March which increased by 0.4% monthly and by 2.9% annualized.
- US Wholesale Inventories: US Final Wholesale Inventories for March are predicted to increase by 0.6% monthly. Forex traders can compare this to previous US Wholesale Inventories for February which increased by 0.5% monthly.
Should price action for Gold remain inside the or breakout above the 1,301.60 to 1,309.70 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,305.00
- Take Profit Zone: 1,356.50 – 1,365.80
- Stop Loss Level: 1,294.30
Should price action for Gold breakdown below 1,301.60 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,298.00
- Take Profit Zone: 1,276.00 – 1,281.90
- Stop Loss Level: 1,309.70
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
