Here are the key factors to keep in mind today for Gold trades:
- Australian Westpac Leading Index: The Australian Westpac Leading Index for September increased by 0.06% monthly. Forex traders can compare this to the Australian Westpac Leading Index for August which increased by 0.01%.
- Australian Skilled Vacancies: Australian Skilled Vacancies for September decreased by 1.2% monthly. Forex traders can compare this to Australian Skilled Vacancies for August which decreased by 1.3%.
- Chinese Industrial Production: Chinese Industrial Production for September increased by 1.6% annualized. Economists predicted an increase of 6.4% annualized. Forex traders can compare this to Chinese Industrial Production for August which increased by 6.3% annualized.
- Chinese Retail Sales: Chinese Retail Sales for September increased by 10.7% annualized. Economists predicted an increase of 10.7% annualized. Forex traders can compare this to Chinese Retail Sales for August which increased by 10.6% annualized.
- Chinese Fixed Assets ex Rural: Chinese Fixed Assets ex Rural for September increased by 8.2% annualized. Economists predicted an increase of 8.2% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for August which increased by 8.1% annualized.
- Chinese GDP: The Chinese GDP for the third-quarter increased by 1.8% quarterly and by 6.7% annualized. Economists predicted an increase of 1.8% quarterly and of 6.7% annualized. Forex traders can compare this to the Chinese GDP for the second-quarter which increased by 1.8% quarterly and by 6.7% annualized.
- Japanese All Industry Activity Index: The Japanese All Industry Activity Index for August increased by 0.2% monthly. Economists predicted an increase of 0.2% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for July which increased by 0.2% monthly.
- UK Jobless Claims Change and Claimant Count Rate: UK Jobless Claims Change for September was reported at 0.7K and the Claimant Count Rate was reported at 2.3%. Economists predicted a reading of 3.2K and 2.2%. Forex traders can compare this to UK Jobless Claims Change for for August which was reported at 7.1K and the Claimant Count Rate which was reported at 2.3%.
- US Housing Starts and Building Permits: US Housing Starts for September are predicted to increase by 2.9% monthly to 1,175K starts and Building Permits are predicted to increase by 1.1% monthly to 1,165K permits. Forex traders can compare this to US Housing Starts for August which decreased by 5.8% monthly to 1,142K starts and Building Permits which increased by 0.7% monthly to 1,152K permits.
- Bank of Canada Interest Rate Decision: The Bank of Canada Interest Rate Decision is predicted to keep interest rates at 0.50%. Forex traders can compare this to the previous Bank of Canada Interest Rate Decision where interest rates remained unchanged at 0.50%.
Should price action for Gold remain inside the or breakout above the 1,262.00 to 1,267.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,263.50
- Take Profit Zone: 1,365.00 – 1,370.00
- Stop Loss Level: 1,235.00
Should price action for Gold breakdown below 1,262.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,257.00
- Take Profit Zone: 1,195.00 – 1,200.00
- Stop Loss Level: 1,267.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
