Here are the key factors to keep in mind today for Gold trades:
- Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for November increased by 1.2% annualized. Economists predicted an increase of 1.3% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for October which increased by 1.3% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for October was reported at 99.6 and the Final Japanese Coincident Index was reported at 103.0. Forex traders can compare this to the previous Japanese Leading Index for October which was reported at 100.5 and to the previous Japanese Coincident Index which was reported at 104.5.
Should price action for Gold remain inside the or breakout above the 1,260.00 to 1,272.30 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,265.50
- Take Profit Zone: 1,296.65 – 1,309.00
- Stop Loss Level: 1,253.70
Should price action for Gold breakdown below 1,260.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,255.40
- Take Profit Zone: 1,232.70 – 1,241.50
- Stop Loss Level: 1,260.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
