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

• Australian Westpac Consumer Confidence: Australian Westpac Consumer Confidence for December increased by 0.1% monthly to 104.4. Forex traders can compare this to Australian Westpac Consumer Confidence for November which increased by 2.8% to 104.3.
• Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for November decreased by 0.3% monthly and increased by 2.3% annualized. Economists predicted a decrease of 0.1% monthly and an increase of 2.4% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for October which increased by 0.4% monthly and by 3.0% annualized.
• Japanese Machine Orders: Japanese Machine Orders for October increased by 7.6% monthly and by 4.5% annualized. Economists predicted an increase of 9.7% monthly and of 5.0% annualized. Forex traders can compare this to Japanese Machine Orders for September which decreased by 18.3% monthly and by 7.0% annualized.
• Japanese Tertiary Industry Index: The Japanese Tertiary Industry Index for October increased by 1.9% monthly. Economists predicted an increase of 0.8% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for September which decreased by 1.2% monthly.
• Eurozone Industrial Production: Eurozone Industrial Production for October is predicted to increase by 0.2% monthly and by 0.8% annualized. Forex traders can compare this to Eurozone Industrial Production for September which decreased by 0.3% monthly and which increased by 0.9% annualized.
• Canadian Capacity Utilization Rate: The Canadian Capacity Utilization Rate for the third-quarter is predicted at 86.0%. Forex traders can compare this to the Canadian Capacity Utilization Rate for the second-quarter which was reported at 85.5%.
• US CPI and Core CPI: The US CPI for November is predicted flat at 0.0% monthly and to increase by 2.2% annualized. Forex traders can compare this to the US CPI for October which increased by 0.3% monthly and by 2.5% annualized. The US Core CPI for November is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core CPI for October which increased by 0.2% monthly by 2.1% annualized.
• US Monthly Budget Statement: The US Monthly Budget Statement for November is predicted at -$197.0B. Forex traders can compare this to the US Monthly Budget Statement for October which was reported at -$100.5B.

Should price action for Gold remain inside the or breakout above the 1,240.85 to 1,249.25 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,242.75
• Take Profit Zone: 1,265.60 – 1,281.85
• Stop Loss Level: 1,233.10

Should price action for Gold breakdown below 1,240.85 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,237.10
• Take Profit Zone: 1,211.00 – 1,216.45
• Stop Loss Level: 1,242.75

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.