Here are the key factors to keep in mind today for Gold trades:
- Australian CBA Manufacturing PMI: The Australian Manufacturing PMI for September was reported at 54.0. Forex traders can compare this to the Australian CBA Manufacturing PMI for August which was reported at 53.2.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of September 30th was reported at 118.1. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of September 23rd which was reported at 117.2.
- Japanese Monetary Base and Monetary Base end of Period: The Japanese Monetary Base for September increased by 5.9% annualized and the Monetary Base end of Period was reported at ¥5052.0T. Forex traders can compare this to the Japanese Monetary Base for August which increased by 6.9% annualized and to the Monetary Base end of Period which was reported at ¥502.0T.
- Japanese Loans & Discounts: Japanese Loans & Discounts for August increased by 3.35% annualized. Forex traders can compare this to Japanese Loans & Discounts for July which increased by 3.18%.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Economists predicted interest rates at 1.50%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
- Japanese Consumer Confidence: Japanese Consumer Confidence for September was reported at 43.4. Economists predicted a figure of 43.1. Forex traders can compare this to Japanese Consumer Confidence for August which was reported at 43.3.
- UK Nationwide House Prices: UK Nationwide House Prices for September increased by 0.3% monthly and by 2.0% annualized. Economists predicted an increase of 0.2% monthly and of 1.9% annualized. Forex traders can compare this to UK Nationwide House Prices for August which decreased by 0.5% monthly and which increased by 2.0% annualized.
- UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for September is predicted at 52.9. Forex traders can compare this to the UK Markit/CIPS Construction PMI for August which was reported at 52.9.
- Eurozone PPI: The Eurozone PPI for August is predicted to increase by 0.2% monthly and by 3.8% annualized. Forex traders can compare this to the Eurozone PPI for July which increased by 0.4% monthly and by 4.0% annualized.
Should price action for Gold remain inside the or breakout above the 1,184.65 to 1,198.35 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,193.40
- Take Profit Zone: 1,260.10 – 1,265.60
- Stop Loss Level: 1,171.70
Should price action for Gold breakdown below 1,184.65 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,180.55
- Take Profit Zone: 1,145.90 – 1,160.00
- Stop Loss Level: 1,193.40
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
