Here are the key factors to keep in mind today for Gold trades:
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for December 2nd was reported at -¥887.6B and Japanese Buying Foreign Stocks which was reported at -¥72.1B. Forex traders can compare this to Japanese Buying Foreign Bonds for November 25th which was reported at ¥112.2B and to Japanese Buying Foreign Stocks which was reported at ¥117.8B. Foreign Buying Japanese Bonds for December 2nd was reported at ¥658.2B and Foreigners Buying Japanese Stocks which was reported at ¥400.1B. Forex traders can compare this to Foreign Buying Japanese Bonds for November 25th which was reported at ¥12.2B and to Foreigners Buying Japanese Stocks which was reported at ¥330.5B.
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for October was reported at ¥1,719.9B. Economists predicted a figure of ¥1,545.0B. Forex traders can compare this to the Japanese Current Account Balance for September which was reported at ¥1,821.0B. The Japanese Adjusted Current Account Balance for October was reported at ¥1,928.9B. Economists predicted a figure of ¥1,716.5B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for September which was reported at ¥1,477.3B. The Japanese Trade Balance for October was reported at ¥603.0B. Economists predicted a figure of ¥587.6B. Forex traders can compare this to the Japanese Trade Balance for September which was reported at ¥642.4B.
- Japanese GDP: The Final Japanese GDP for the third-quarter increased by 0.3% quarterly and by 1.3% annualized. Economists predicted an increase of 0.5% quarterly and of 2.3% annualized. Forex traders can compare this to the previous Japanese GDP for the third-quarter which increased by 0.5% quarterly and by 2.3% annualized. The Final Nominal GDP for the third-quarter increased by 0.2% quarterly. Economists predicted an increase of 0.2% quarterly. Forex traders can compare this to the previous Nominal GDP for the third-quarter which increased by 0.2% quarterly. The Final GDP Deflator for the third-quarter decreased by 0.1% annualized. Economists predicted a decrease of 0.2% annualized. Forex traders can compare this to the previous GDP Deflator for the third-quarter which decreased by 0.1% annualized. Final Private Consumption for the third-quarter increased by 0.3% quarterly and Final Business Spending decreased by 0.4% quarterly. Economists predicted an increase of 0.1% and of 0.2% quarterly. Forex traders can compare this to previous Private Consumption for the third-quarter which increased by 0.1% quarterly and to previous Business Spending for the third-quarter which was reported flat at 0.0% quarterly.
- Australian Trade Balance: The Australian Trade Balance for October was reported at -A$1,541. Economists predicted a figure of -A$610. Forex traders can compare this to the Australian Trade Balance for September which was reported at -A$1,227M.
- Chinese Trade Balance: The Chinese Trade Balance for November was reported at $44.61B. Economists predicted a figure of $46.90B. Forex traders can compare this to the Chinese Trade Balance for October which was reported at $49.06B. Exports increased by 0.1% annualized and Imports by 6.7% annualized. Economists predicted a decrease of 5.0% and of 1.9%. Forex traders can compare this to Exports for October which decreased by 7.3% annualized and to Imports which decreased by 1.4% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for November was reported at 48.6 and the Japanese Eco Watchers Survey Outlook Index was reported at 49.1.Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for October which was reported at 46.2 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 49.0.
- ECB Rate Decision: The ECB kept its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting. The Asset Purchase Target was reported at €60B, down from the €80B reported during the previous meeting.
Should price action for Gold remain inside the or breakout above the 1,168.00 to 1,173.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,170.00
- Take Profit Zone: 1,302.00 – 1,307.00
- Stop Loss Level: 1,152.00
Should price action for Gold breakdown below 1,168.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,163.00
- Take Profit Zone: 1,147.00 – 1,152.00
- Stop Loss Level: 1,168.00
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