Here are the key factors to keep in mind today for Gold trades:
- Australian Building Approvals: Australian Building Approvals for November increased by 7.0% monthly and decreased by 4.8% annualized. Economists predicted an increase of .5% monthly and a decrease of .7% annualized. Forex traders can compare this to Australian Building Approvals for October which decreased by 11.8% monthly and by 24.0% annualized.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for December decreased by 1.9% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for November which increased by 1.6% monthly.
- German Industrial Production: German German Industrial Production for November increased by 0.4% monthly and by 2.2% annualized. Economists predicted an increase of 0.6% monthly and an increase of 1.9% annualized. Forex traders can compare this to German Industrial Production for October which increased by 0.5% monthly and by 1.6% annualized.
- German Trade Balance & German Current Account Balance: The German Trade Balance for November was reported at a €22.6B. Economists predicted a figure of €20.3B. Forex traders can compare this to German Trade Balance for October which was reported at €19.4B. Exports increased by 3.9% monthly and Imports increased by 3.5% monthly. Economists predicted an increase of 0.5% monthly and of 1.1% annualized. Forex traders can compare this to Exports for October which increased by 0.5% monthly and to Imports which increased by 1.2% annualized. The German Current Account Balance for November was reported at a €24.6B. Economists predicted a figure of €22.1B. Forex traders can compare this to the German Current Account Balance for October which was reported at €19.4B.
- Swiss Retail Sales: Swiss Retail Sales for November increased by 0.9% annualized. Forex traders can compare this to Swiss Retail Sales for October which decreased by 0.5% annualized.
- British Halifax House Price Index: The British Halifax House Price Index for December increased by 1.7% monthly and by 6.5% tri-monthly annualized. Economists predicted an increase of 0.3% monthly and of 5.8% tri-monthly annualized. Forex traders can compare this to the British Halifax House Price Index for November which increased by 0.2% monthly and by 6.0% tri-monthly annualized.
- Eurozone Sentix Investor Confidence: The Eurozone Sentix Investor Confidence for January is predicted at 12.8. Forex traders can compare this to the Eurozone Sentix Investor Confidence for December which was reported at 10.0.
- Eurozone Unemployment Rate: The Eurozone Unemployment Rate for November is predicted at 9.8%. Forex traders can compare this to the Eurozone Unemployment Rate for October which was reported at 9.8%.
Should price action for Gold remain inside the or breakout above the 1,175.00 to 1,180.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,177.50
- Take Profit Zone: 1,330.00 – 1,333.00
- Stop Loss Level: 1,157.00
Should price action for Gold breakdown below 1,175.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,167.00
- Take Profit Zone: 1,120.00 – 1,125.00
- Stop Loss Level: 1,175.00
Open your PaxForex Trading Account now and add this commodity to your forex portfolio.
