Here are the key factors to keep in mind today for Gold trades:
- Australian Westpac Leading Index: The Australian Westpac Leading Index for November increased by 0.02% monthly. Forex traders can compare this to the Australian Westpac Leading Index for October which increased by 0.10%.
- Australian Skilled Vacancies: Australian Skilled Vacancies for November were reported flat at 0.0% monthly. Forex traders can compare this to Australian Skilled Vacancies for October which decreased by 0.3%.
- New Zealand Credit Card Spending: New Zealand Credit Card Spending for November decreased by 4.2% monthly and by 4.2% annualized. Forex traders can compare this to New Zealand Credit Card Spending for October which increased by 3.0% monthly and by 10.1% annualized.
- Japanese All Industry Activity Index: The Japanese All Industry Activity Index for October increased by 0.2% monthly. Economists predicted an increase of 0.1% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for September which increased by 0.2% monthly.
- Japanese Supermarket Sales: Japanese Supermarket Sales for November increased by 0.8% annualized. Forex traders can compare this to Japanese Supermarket Sales for October which increased by 0.6% annualized.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for November was reported at £12.2B and UK Public Sector Net Borrowing excluding Banking Groups at £12.6B. Economists predicted a figure of £11.6B and £12.2B. Forex traders can compare this to UK Public Sector Net Borrowing for October which was reported at £4.3B and UK Public Sector Net Borrowing excluding Banking Groups which was reported at £4.8B. UK Public Finances for November were reported at £13.5B and UK Central Government Borrowing at £9.8B. Forex traders can compare this to UK Public Finances for October which was reported at -£2.3B and UK Central Government Borrowing which was reported at -£4.0B.
- Advanced Eurozone Consumer Confidence: Advanced Eurozone Consumer Confidence for December is predicted at -6.1. Forex traders can compare this to the previous Eurozone Consumer Confidence for December which was reported at -6.0.
- US Existing Home Sales: US Existing Home Sales for November are predicted to decrease by 1.8% monthly to 5.50M. Forex traders can compare this to US Existing Home Sales for October which increased by 2.0% monthly to 5.60M.
Should price action for Gold remain inside the or breakout above the 1,132.00 to 1,137.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,134.00
- Take Profit Zone: 1,302.00 – 1,307.00
- Stop Loss Level: 1,120.00
Should price action for Gold breakdown below 1,132.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,127.00
- Take Profit Zone: 1,100.00 – 1,105.00
- Stop Loss Level: 1,132.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
