Here are the key factors to keep in mind today for Gold trades:
- Japanese Retail Trade Data: Japanese Retail Trade for November increased by 1.9% monthly and by 2.2% annualized. Economists predicted an increase of 0.7% and of 1.0%. Forex traders can compare this to Japanese Retail Trade for October which decreased by 0.1% monthly and by 0.2% annualized. Large Retailer’s Sales for November increased by 1.4% monthly. Economists predicted an increase of 1.0% monthly. Forex traders can compare this to Large Retailer’s Sales for October which decreased by 0.7% monthly.
- Japanese Industrial Production: Preliminary Japanese Industrial Production for November increased by 0.6% monthly and by 3.7% annualized. Economists predicted an increase of 0.5% monthly and of 3.6% annualized. Forex traders can compare this to Japanese Industrial Production for October which increased by 0.5% monthly and by 5.9% annualized.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for December 22nd was reported at ¥434.2B and Japanese Buying Foreign Stocks was reported at ¥177.7B. Forex traders can compare this to Japanese Buying Foreign Bonds for December 15th which was reported at ¥52.3B and to Japanese Buying Foreign Stocks which was reported at ¥273.9B. Foreign Buying Japanese Bonds for December 22nd was reported at -¥2,023.7B and Foreigners Buying Japanese Stocks was reported at ¥76.2B. Forex traders can compare this to Foreign Buying Japanese Bonds for December 15th which was reported at ¥548.7B and to Foreigners Buying Japanese Stocks which was reported at -¥622.2B.
- Japanese Vehicle Production: Japanese Vehicle Production for November increased by 0.9% annualized. Forex traders can compare this to Japanese Vehicle Production for October which increased by 6.4% annualized.
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for November is predicted at -$67.7B. Forex traders can compare this to the US Advanced Goods Trade Balance for October which was reported at -$68.3B.
- US Wholesale Inventories: US Wholesale Inventories for November are predicted to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Inventories for October which decreased by 0.5% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of December 23rd are predicted at 240K and US Continuing Claims for the week of December 16th are predicted at 1,900K. Forex traders can compare this to US Initial Jobless Claims for the week of December 16th which were reported at 245K and to US Continuing Claims for the week of December 8th which were reported at 1,932K.
- US Chicago PMI: The US Chicago PMI for December is predicted at 62.0. Forex traders can compare this to the US Chicago PMI for November which was reported at 63.9.
Should price action for Gold remain inside the or breakout above the 1,287.00 to 1,297.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,292.00
- Take Profit Zone: 1,346.00 – 1,357.00
- Stop Loss Level: 1,277.00
Should price action for Gold breakdown below 1,287.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,282.00
- Take Profit Zone: 1,237.00 – 1,255.00
- Stop Loss Level: 1,292.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
