Here are the key factors to keep in mind today for Gold trades:
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for July was reported at 100.0. Forex traders can compare this to the first Japanese Leading Index for July which was reported at 100.0. The Final Japanese Coincident Index for July was reported at 112.1. Forex traders can compare this to the first Japanese Coincident Index for July which was reported at 112.8.
- German IFO: The German IFO Business Climate for September is predicted at 106.3. Forex traders can compare this to the German IFO Business Climate for August which was reported at 106.2. The German IFO Current Assessment for September is predicted at 112.9. Forex traders can compare this to the German IFO Current Assessment for August which was reported at 112.8. The German IFO Expectations Index for September is predicted at 100.1. Forex traders can compare this to the German IFO Expectations Index for August which was reported at 100.1.
- UK BBA Loans for House Purchase: UK BBA Loans for House Purchase for August are predicted at 37,100. Forex traders can compare this to UK BBA Loans for House Purchase for September which were reported at 37,662.
- US New Home Sales: US New Home Sales for August are predicted to decrease by 8.3% monthly to 597K new homes. Forex traders can compare this to US New Home Sales for July which increased by 12.4% monthly to 654K new homes.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for September is predicted at -3.0. Forex traders can compare this to the US Dallas Fed Manufacturing Index for August which was reported at -6.2.
Should price action for Gold remain inside the or breakdown below the 1,333.00 to 1,337.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,335.00
- Take Profit Zone: 1,200.00 – 1,210.00
- Stop Loss Level: 1,350.00
Should price action for Gold breakout above 1,337.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,340.00
- Take Profit Zone: 1,370.00 – 1,375.00
- Stop Loss Level: 1,333.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
