Here are the key factors to keep in mind today for Gold trades:
- Australian Retail Sales: Australian Retail Sales for October increased by 0.5% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for September which increased by 0.6% monthly.
- Swiss GDP: The Swiss GDP for the third-quarter was reported flat at 0.0% quarterly and increased by 1.3% annualized. Economists predicted an increase of 0.3% quarterly and of 1.8% annualized. Forex traders can compare this to the Swiss GDP for the second-quarter which increased by 0.6% quarterly and by 2.0% annualized.
- UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for November is predicted at 52.2. Forex traders can compare this to the UK Markit/CIPS Construction PMI for October which was reported at 52.6.
- Eurozone PPI: The Eurozone PPI for October is predicted to increase by 0.4% monthly and to decrease by 1.0% annualized. Forex traders can compare this to the Eurozone PPI for September which increased by 0.1% monthly and which decreased by 1.5% annualized.
- US NFP Report: The US NFP Report for November is predicted to show 180K job additions and an unemployment rate of 4.9%. Forex traders can compare this to the US NFP Report for October which showed 161K job additions and an unemployment rate of 4.9%. Private Payrolls for November are predicted to show 170K job additions and Manufacturing Payrolls 3K job losses. Forex traders can compare this to Private Payrolls for October which showed 142K job additions and Manufacturing Payrolls which showed 9K job losses. The Average Work Week for November is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for October which was 34.4 hours. Average Hourly Earnings for November are predicted to increase by 0.2% monthly and by 2.8% annualized. Forex traders can compare this to Average Hourly Earnings for October which increased by 0.4% monthly and by 2.8% annualized.
- Canadian Employment Report: The Canadian Employment Report for November is predicted to show 15.0K job losses and an unemployment rate of 7.0%. Forex traders can compare this to the Canadian Employment Report for October which showed 43.9K job additions and an unemployment rate of 7.0%.
Should price action for Gold remain inside the or breakout above the 1,172.00 to 1,177.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,175.00
- Take Profit Zone: 1,330.00 – 1,333.00
- Stop Loss Level: 1,157.00
Should price action for Gold breakdown below 1,172.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,167.00
- Take Profit Zone: 1,142.00 – 1,147.00
- Stop Loss Level: 1,177.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
