Here are the key factors to keep in mind today for Gold trades:
- New Zealand Card Spending: New Zealand Retail Card Spending for August decreased by 0.2% monthly and New Zealand Card Spending increased by 0.6% monthly. Forex traders can compare this to New Zealand Retail Card Spending which decreased by 0.6% monthly and to New Zealand Card Spending which decreased by 0.6% monthly.
- Japanese Machine Orders: Japanese Machine Orders for July increased by 8.0% monthly and decreased by 7.5% annualized. Economists predicted an increase of 4.1% monthly and a decrease of 7.8% annualized. Forex traders can compare this to Japanese Machine Orders for June which decreased by 1.9% monthly and by 5.2% annualized.
- Japanese Tertiary Industry Index: The Japanese Tertiary Industry Index for July increased by 0.1% monthly. Economists predicted an increase of 0.1% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for June which decreased by 0.2% monthly.
- Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for August increased by 36.6% annualized. Forex traders can compare this to Japanese Machine Tool Orders for July which increased by 28.0% annualized.
- Canadian Housing Starts: Canadian Housing Starts for August are predicted at 220.0K. Forex traders can compare this to Canadian Housing Starts for July which were reported at 222.3K.
Should price action for Gold remain inside the or breakout above the 1,330.00 to 1,336.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,333.00
- Take Profit Zone: 1,355.00 – 1,365.00
- Stop Loss Level: 1,329.00
Should price action for Gold breakdown below 1,329.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,324.00
- Take Profit Zone: 1,306.00 – 1,315.00
- Stop Loss Level: 1,336.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
