Here are the key factors to keep in mind today for Gold trades:
- Chinese Trade Balance: The Chinese Trade Balance for September was reported at $41.99B. Economists predicted a figure of $53.00B. Forex traders can compare this to the Chinese Trade Balance for August which was reported at $52.05B. Exports decreased by 10.0% annualized and Imports decreased by 1.9% annualized. Economists predicted a decrease of 3.3% and an increase of 0.7%. Forex traders can compare this to Exports for August which decreased by 2.8% annualized and to Imports which increased by 1.5% annualized.
- Australian Inflation Expectations: Australian Inflation Expectations for October increased by 3.7% annualized. Forex traders can compare this to Australian Inflation Expectations for September which increased by 3.3% annualized.
- Japanese Tertiary Industry Index: The Japanese Tertiary Industry Index for August was reported at 0.0% annualized. Economists predicted a decrease of 0.2% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for July which increased by 0.3% monthly.
- German CPI: The Final German CPI for September increased by 0.1% monthly and by 0.7% annualized. Economists predicted an increase 0.1% monthly and of 0.7% annualized. Forex traders can compare this to the previous German CPI for September which increased by 0.1% monthly and by 0.7% annualized.
- US Import Prices: US Import Prices for September are predicted to increase by 0.1% monthly and to decrease by 1.1% annualized. Forex traders can compare this to US Import Prices for August which decreased by 0.2% monthly and by 2.2% annualized.
- Canadian New House Price Index: The Canadian New House Price Index for August is predicted to increase by 0.3% monthly. Forex traders can compare this to the Canadian New House Price Index for July which increased by 0.4% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of October 8th are predicted at 253K and US Continuing Claims for the week of October 1st are predicted at 2,065K. Forex traders can compare this to US Initial Jobless Claims for the week of October 1st which were reported at 249K and US Continuing Claims for the week of September 24th which were reported at 2,058K.
Should price action for Gold remain inside the or breakout above the 1,2055.00 to 1,260.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,257.50
- Take Profit Zone: 1,300.00 – 1,305.00
- Stop Loss Level: 1,250.00
Should price action for Gold breakdown below 1,255.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,249.00
- Take Profit Zone: 1,195.00 – 1,200.00
- Stop Loss Level: 1,255.00
