Here are the key factors to keep in mind today for Gold trades:
- Australian TD Securities Inflation: Australian TD Securities Inflation for November increased by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to Australian TD Securities Inflation for October which increased by 0.3% monthly and by 2.6% annualized.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for November decreased by 1.5% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for October which increased by 1.5% monthly.
- Australian Inventories and Company Operating Profits: Australian Inventories for the third-quarter increased by 0.2% quarterly and Australian Company Operating Profits decreased by 0.2% quarterly. Economists predicted a flat reading and an increase of 0.1%. Forex traders can compare this to Australian Inventories for the second-quarter which decreased by 0.5% quarterly and to Australian Company Operating Profits which decreased by 3.3% quarterly.
- Japanese Consumer Confidence: Japanese Consumer Confidence for November was reported at 44.9. Economists predicted a figure of 44.9. Forex traders can compare this to Japanese Consumer Confidence for October which was reported at 44.5.
- UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for November is predicted at 51.0. Forex traders can compare this to the UK Markit/CIPS Construction PMI for October which was reported at 50.8.
- Eurozone Sentix Investor Confidence: Eurozone Sentix Investor Confidence for December is predicted at 32.7. Forex traders can compare this to Eurozone Sentix Investor Confidence for November which was reported at 34.0.
- Eurozone PPI: The Eurozone PPI for October is predicted to increase by 0.3% monthly and by 2.6% annualized. Forex traders can compare this to the Eurozone PPI for September which which increased by 0.6% monthly and by 2.9% annualized.
- US Factory Orders: US Factory Orders for October are predicted to decrease by 0.4% monthly. Forex traders can compare this to US Factory Orders for September which increased by 1.4% monthly.
Should price action for Gold remain inside the or breakout above the 1,269.00 to 1,277.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,273.00
- Take Profit Zone: 1,303.00 – 1,309.00
- Stop Loss Level: 1,260.00
Should price action for Gold breakdown below 1,269.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,265.00
- Take Profit Zone: 1,251.50 – 1,255.00
- Stop Loss Level: 1,273.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
