Here are the key factors to keep in mind today for Gold trades:

• Japanese GDP: The final Japanese GDP for the second-quarter increased by 0.2% quarterly and by 0.7% annualized. Economists predicted a flat reading of 0.0% quarterly and an increase of 0.2% annualized. Forex traders can compare this to the original second-quarter GDP which was reported flat at 0.0% quarterly and which increased by 0.2% annualized.
• Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for July was reported at ¥1,938.2B. Economists predicted a figure of ¥2,073.3B. Forex traders can compare this to the Japanese Current Account Balance for June which was reported at ¥974.4B. The Japanese Adjusted Current Account Balance for July was reported at ¥1,447.8B. Economists predicted a figure of ¥2,073.3B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for June which was reported at ¥1,648.4B. The Japanese Trade Balance for July was reported at ¥613.9B. Economists predicted a figure of ¥579.4B. Forex traders can compare this to the Japanese Trade Balance for June which was reported at ¥763.6B.
• Chinese Trade Balance: The Chinese Trade Balance for August was reported at $52.05B. Economists predicted a figure of $58.85B. Forex traders can compare this to the Chinese Trade Balance for July which was reported at $52.31B. Exports decreased by 2.8% annualized and Imports increased by 1.5% annualized. Economists predicted a decrease of 4.0% and of 5.7%. Forex traders can compare this to Exports for July which decreased by 4.4% annualized and to Imports for June which decreased by 12.5% annualized.
• Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for August was reported at 45.6 and the Japanese Eco Watchers Survey Outlook Index was reported at 47.4. Economists predicted a figure of 45.2 and of 46.8. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for July which was reported at 45.1 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 47.1.
• ECB Rate Decision: The ECB is predicted to keep its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting. The Asset Purchase Target is predicted at €80B, also unchanged from the previous meeting.
• Canadian Building Permits: Canadian Building Permits for July are predicted to increase by 2.5% monthly. Forex traders can compare this to Canadian Building Permits for June which decreased by 5.5% monthly.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of September 3rd are predicted at 265K and US Continuing Claims for the week of August 27th are predicted at 2,151K. Forex traders can compare this to US Initial Jobless Claims for the week of August 27th which were reported at 263K and US Continuing Claims for the week of August 20th which were reported at 2,159K.

Should price action for Gold remain inside the or breakdown below the 1,345.00 to 1,350.00 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,347.50
• Take Profit Zone: 1,290.00 – 1,300.00
• Stop Loss Level: 1,365.00

Should price action for Gold breakout above 1,350.00 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,355.00
• Take Profit Zone: 1,365.00 – 1,375.00
• Stop Loss Level: 1,350.00

Open your PaxForex Trading Account now and add this commodity to your portfolio.