Here are the key factors to keep in mind today for Gold trades:
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of October 1st was reported at 113.4. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of September 24th which was reported at 114.1.
- Australian HIA New Home Sales: Australian HIA New Home Sales for August increased by 9.1% monthly. Forex traders can compare this to Australian HIA New Home Sales for July which decreased by 15.4% monthly.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for September were reported flat at 0.0% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for August which increased by 1.7% monthly.
- Australian Building Approvals: Australian Building Approvals for August increased by 0.4% monthly and decreased by 15.5% annualized. Economists predicted an increase of 1.0% monthly and a decrease of 17.2% annualized. Forex traders can compare this to Australian Building Approvals for July which decreased by 1.2% monthly and by 12.6% annualized.
- Australian RBA Interest Rate Decision: The Australian RBA kept 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 43.9. Economists predicted a figure of 43.5. Forex traders can compare this to Japanese Consumer Confidence for August which was reported at 43.3.
- Australian RBA Commodity Index: The Australian RBA Commodity Index for September increased by 18.3% annualized. Forex traders can compare this to the Australian RBA Commodity Index for August which increased by 20.6% annualized.
- UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for September was reported at 48.1. Economists predicted a figure of 51.1. Forex traders can compare this to the UK Markit/CIPS Construction PMI for August which was reported at 51.1.
- Eurozone PPI: The Eurozone PPI for August increased by 0.3% monthly and by 2.5% annualized. Economists predicted an increase of 0.1% monthly and of 2.3% annualized. Forex traders can compare this to the Eurozone PPI for July which was reported flat at 0.0% monthly and which increased by 2.0% annualized.
Should price action for Gold remain inside the or breakdown below the 1,267.00 to 1,273.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,270.00
- Take Profit Zone: 1,204.75 – 1,210.00
- Stop Loss Level: 1,290.00
Should price action for Gold breakout above 1,273.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,277.00
- Take Profit Zone: 1,300.00 – 1,303.00
- Stop Loss Level: 1,267.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
