Here are the key factors to keep in mind today for Gold trades:
- British Nationwide House Prices: British Nationwide House Prices for December increased by 0.8% monthly and by 4.5% annualized. Economists predicted an increase of 0.2% monthly and of 3.8% annualized. Forex traders can compare this to British Nationwide House Prices for November which increased by 0.1% monthly and by 4.4% annualized.
- Eurozone M3 Money Supply: Eurozone M3 Money Supply for November is predicted to increase by 4.4% annualized. Forex traders can compare this to Eurozone M3 Money Supply for October which increased by 4.4% annualized.
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for November is predicted at -$61.5B. Forex traders can compare this to the US Advanced Goods Trade Balance for October which was reported at -$62.0B.
- US Wholesale Inventories: US Wholesale Inventories for November are predicted to increase by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for October which decreased by 0.4% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of December 24th are predicted at 264K and US Continuing Claims for the week of December 17th are predicted at 2,027K. Forex traders can compare this to US Initial Jobless Claims for the week of December 17th which were reported at 275K and US Continuing Claims for the week of December 10th which were reported at 2,036K.
Should price action for Gold remain inside the or breakout above the 1,147.00 to 1,152.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,149.00
- Take Profit Zone: 1,240.00 – 1,245.00
- Stop Loss Level: 1,134.00
Should price action for Gold breakdown below 1,147.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,142.00
- Take Profit Zone: 1,095.00 – 1,110.00
- Stop Loss Level: 1,147.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
