Here are the key factors to keep in mind today for Gold trades:
- Japanese Machine Orders: Japanese Machine Orders for November decreased by 5.1% monthly and increased by 10.4% annualized. Economists predicted a decrease of 1.4% monthly and an increase of 8.1% annualized. Forex traders can compare this to Japanese Machine Orders for October which increased by 4.1% monthly and which decreased by 5.6% annualized.
- Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for December increased by 0.6% monthly and decreased by 1.2% annualized. Economists predicted an increase of 0.4% monthly and a decrease of 1.4% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for November which increased by 0.4% monthly and which decreased by 2.2% annualized.
- Australian TD Securities Inflation: Australian TD Securities Inflation for December increased by 0.5% monthly and by 1.8% annualized. Forex traders can compare this to Australian TD Securities Inflation for November which increased by 0.1% monthly and by 1.5% annualized.
- UK Rightmove House Prices: UK Rightmove House Prices for January increased by 0.4% monthly and by 3.2% annualized. Forex traders can compare this to UK Rightmove House Prices for December which decreased by 2.1% monthly and which increased by 3.4% annualized.
- Japanese Tertiary Industry Index: The Japanese Tertiary Industry Index for November increased by 0.2% monthly. Economists predicted an increase of 0.2% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for October which increased by 0.2% monthly.
- Japanese Machine Tool Orders: Japanese Machine Tool Orders for December increased by 4.4% annualized. Forex traders can compare this to Japanese Machine Tool Orders for November which decreased by 5.6% annualized.
- Eurozone Trade Balance: The Eurozone Trade Balance for November is predicted at €24.3B and the Seasonally Adjusted Eurozone Trade Balance at €20.8B. Forex traders can compare this to the Eurozone Trade Balance for October which was reported at €20.1B and to the Seasonally Adjusted Eurozone Trade Balance which was reported at €19.7B.
Should price action for Gold remain inside the or breakout above the 1,197.00 to 1,207.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,203.00
- Take Profit Zone: 1,302.00 – 1,312.00
- Stop Loss Level: 1,177.00
Should price action for Gold breakdown below 1,197.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,192.00
- Take Profit Zone: 1,117.00 – 1,127.00
- Stop Loss Level: 1,207.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
