Here are the key factors to keep in mind today for Gold trades:
- New Zealand Performance of Services Index: The New Zealand Services Performance of Manufacturing Index for November was reported at 56.4. Forex traders can compare this to the New Zealand Performance of Services Index for October which was reported at 55.7.
- Japanese Trade Balance: The Japanese Trade Balance for November was reported at ¥113.4B. Economists predicted a figure of -¥40.0B. Forex traders can compare this to the Japanese Trade Balance for October which was reported at ¥284.6B. The Japanese Adjusted Trade Balance for November was reported at ¥361.4B. Economists predicted a figure of ¥265.0B. Forex traders can compare this to the Japanese Adjusted Trade Balance for October which was reported at ¥349.3B. Exports increased by 16.2% annualized and Imports increased by 17.2% annualized. Economists predicted an increase of 14.7% and of 18.0%. Forex traders can compare this to Exports for October which increased by 14.0% annualized and to Imports which increased by 18.9% annualized.
- New Zealand ANZ Consumer Confidence: New Zealand ANZ Consumer Confidence for December decreased by 1.5% monthly to 121.8. Forex traders can compare this to New Zealand ANZ Consumer Confidence for November which decreased by 2.1% monthly to 123.7.
- Australian New Motor Vehicle Sales: Australian New Motor Vehicle Sales for November which increased by 0.1% monthly and by 2.1% annualized. Forex traders can compare this to Australian New Motor Vehicle Sales for October which were reported flat at 0.0% monthly and which increased by 1.0% annualized.
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of December 15th were reported at CHF575.4B and Swiss Domestic Sight Deposits were reported at CHF479.9B. Forex traders can compare this to Swiss Total Sight Deposits for the week of December 8th which were reported at CHF575.9B and to Swiss Domestic Sight Deposits which were reported at CHF476.4B.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for November increased by 0.1% monthly. Economists predicted an increase of 0.1% monthly. Forex traders can compare this to the Eurozone CPI for October which increased by 0.1% monthly. The Final Eurozone CPI for November increased by 1.5% annualized and the Eurozone Core CPI increased by 1.1% annualized. Economists predicted an increase of 1.5% annualized and of 0.9% annualized. Forex traders can compare this to the previous Eurozone CPI for November which increased by 1.5% annualized and to the Eurozone Core CPI which increased by 1.1% annualized.
- UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for December were reported at 17 and CBI Trends Selling Prices were reported at 23. Forex traders can compare this to CBI Trends Total Orders for November which were reported at 17 and to CBI Trends Selling Prices which were reported at 17.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for December is predicted at 70. Forex traders can compare this to the US NAHB Housing Market Index for November which was reported at 70.
Should price action for Gold remain inside the or breakout above the 1,255.00 to 1,263.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,259.00
- Take Profit Zone: 1,294.00 – 1,299.00
- Stop Loss Level: 1,250.00
Should price action for Gold breakdown below 1,255.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,248.00
- Take Profit Zone: 1,236.00 – 1,240.00
- Stop Loss Level: 1,255.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
