Here are the key factors to keep in mind today for Gold trades:
- New Zealand Credit Card Spending: New Zealand Credit Card Spending for September increased by 0.7% monthly and by 4.9% annualized. Forex traders can compare this to New Zealand Credit Card Spending for August which decreased by 0.7% monthly and which increased by 6.4% annualized.
- German PPI: The German PPI for September increased by 0.3% monthly and by 3.1% annualized. Economists predicted an increase of 0.1% monthly and of 2.9% annualized. Forex traders can compare this to the German PPI for August which increased by 0.2% monthly and by 2.6% annualized.
- Japanese Convenience Store Sales: Japanese Convenience Store Sales for September were reported flat at 0.0% annualized. Forex traders can compare this to Japanese Convenience Store Sales for August which decreased by 0.9% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for August was reported at €33.3B and the Eurozone Current Account (n.s.a) was reported at €29.6B. Forex traders can compare this to the Eurozone Current Account (s.a.) for July which was reported at €31.5B and to the Eurozone Current Account (n.s.a.) which was reported at €37.1B.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for September was reported at £5.3B and UK Public Sector Net Borrowing excluding Banking Groups at £5.9B. Economists predicted a figure of £5.7B and £6.5B. Forex traders can compare this to UK Public Sector Net Borrowing for August which was reported at £4.1B and UK Public Sector Net Borrowing excluding Banking Groups which was reported at £4.7B. UK Public Finances for September were reported at £11.2B and UK Central Government Borrowing at £19.2B. Forex traders can compare this to UK Public Finances for August which was reported at £0.3B and to UK Central Government Borrowing which was reported at £1.1B.
- Canadian CPI: The Canadian CPI for September increased by 0.2% monthly and by 1.6% annualized. Economists predicted an increase of 0.3% and of 1.7%. Forex traders can compare this to the Canadian CPI for August which increased by 0.1% monthly by 1.4% annualized.
- Canadian Retail Sales: Canadian Retail Sales for August decreased by 0.3% monthly and Canadian Retail Sales Less Autos decreased by 0.7% monthly. Economists predicted an increase of 0.5% and of 0.3%. Forex traders can compare this to Canadian Retail Sales for July which increased by 0.4% monthly and to Canadian Retail Sales Less Autos which increased by 0.2% monthly.
- US Existing Home Sales: US Existing Home Sales for September are predicted to decrease by 0.9% monthly to 5.30M. Forex traders can compare this to US Existing Home Sales for August which decreased by 1.7% monthly to 5.35M.
Should price action for Gold remain inside the or breakout above the 1,278.00 to 1,286.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,282.00
- Take Profit Zone: 1,346.00 – 1,357.00
- Stop Loss Level: 1,261.00
Should price action for Gold breakdown below 1,278.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,270.00
- Take Profit Zone: 1,214.00 – 1,225.00
- Stop Loss Level: 1,282.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
