Here are the key factors to keep in mind today for Gold trades:
- Japanese BSI Large All Industry Index and BSI Large Manufacturing Index: The Japanese BSI All Large Industry Index for the second-quarter was reported at 3.8 quarterly and the Japanese BSI Large Manufacturing Index was reported at 6.5. Forex traders can compare this to the Japanese BSI All Large Industry Index for the first-quarter which was reported at -2.0 and to the Japanese BSI Large Manufacturing Index which was reported at -3.2.
- Australian Westpac Consumer Confidence: Australian Westpac Consumer Confidence for September decreased by 3.0% monthly to 100.5. Forex traders can compare this to Australian Westpac Consumer Confidence for Auguster which decreased by 2.3% to 103.6.
- Eurozone Industrial Production: Eurozone Industrial Production for July is predicted to decrease by 0.5% monthly and to increase by 1.0% annualized. Forex traders can compare this to Eurozone Industrial Production for June which decreased by 0.7% monthly and which increased by 2.5% annualized.
- US PPI: The US PPI for August is predicted to increase by 0.2% monthly and by 3.2% annualized. Forex traders can compare this to the US PPI for July which was reported flat at 0.0% monthly and which increased by 3.3% annualized. The US Core PPI for August is predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to the US Core PPI for July which increased by 0.1% monthly and by 2.7% annualized. The US Core PPI ex Trade for August is predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to the US Core PPI ex Trade for July which increased by 0.3% monthly and by 2.8% annualized.
Should price action for Gold remain inside the or breakout above the 1,187.55 to 1,199.65 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,194.00
- Take Profit Zone: 1,255.20 – 1,265.60
- Stop Loss Level: 1,173.80
Should price action for Gold breakdown below 1,187.55 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,183.50
- Take Profit Zone: 1,145.90 – 1,151.55
- Stop Loss Level: 1,194.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
