Here are the key factors to keep in mind today for Gold trades:
- New Zealand REINZ House Sales: New Zealand REINZ House Sales for September decreased by 3.0% annualized. Forex traders can compare this to New Zealand REINZ House Sales for August which increased by 3.1% annualized.
- New Zealand Food Prices: New Zealand Food Prices for September decreased by 0.1% monthly. Forex traders can compare this to New Zealand Food Prices for August which decreased by 0.5% monthly.
- UK RICS House Price Balance: The UK RICS House Price Balance for September decreased by 2.0% monthly. Economists predicted an increase of 1.0% monthly. Forex traders can compare this to the UK RICS House Price Balance for August which increased by 2.0%.
- Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for September increased by 0.3% monthly and by 3.0% annualized. Economists predicted an increase of 0.2% monthly and of 2.9% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for August which was reported flat at 0.0% monthly and which increased by 3.0% annualized.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for September increased by 2.3% annualized and Japanese Bank Lending excluding Trusts increased by 2.3% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for August which increased by 2.2% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.2% annualized.
- Australian Consumer Inflation Expectations: Australian Consumer Inflation Expectations for October increased by 4.0% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for September which increased by 4.0% annualized.
- Canadian New Housing Price Index: The Canadian New Housing Price Index for August is predicted to increase by 0.1% monthly and by 0.5% annualized. Forex traders can compare this to the Canadian New Housing Price Index for July which increased by 0.1% monthly and by 0.5% annualized.
- US CPI and Core CPI: The US CPI for September is predicted to increase by 0.2% monthly and by 2.4% annualized. Forex traders can compare this to the US CPI for August which increased by 0.2% monthly and by 2.7% annualized. The US Core CPI for September is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the US Core CPI for August which increased by 0.1% monthly by 2.2% annualized.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of October 6th are predicted at 210K and US Continuing Claims for the week of September 29th are predicted at 1,660K. Forex traders can compare this to US Initial Jobless Claims for the week of September 29th which were reported at 207K and to US Continuing Claims for the week of September 22nd which were reported at 1,650K.
Should price action for Gold remain inside the or breakout above the 1,191.00 to 1,203.80 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,198.00
- Take Profit Zone: 1,257.20 – 1,265.60
- Stop Loss Level: 1,183.10
Should price action for Gold breakdown below 1,191.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,185.00
- Take Profit Zone: 1,160.00 – 1,171.70
- Stop Loss Level: 1,198.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
