Here are the key factors to keep in mind today for Gold trades:
- New Zealand Manufacturing PMI: The New Zealand Manufacturing PMI for October was reported at 57.2. Forex traders can compare this to the New Zealand Manufacturing PMI for September which was reported at 57.5.
- New Zealand PPI Input/Output: The New Zealand PPI Input for the third-quarter increased by 1.0% quarterly and the New Zealand PPI Output increased by 1.0% quarterly. Forex traders can compare this to the New Zealand PPI Input for the second-quarter which increased by 1.4% quarterly and to the New Zealand PPI Output which increased by 1.3% quarterly.
- Australian New Motor Vehicle Sales: Australian New Motor Vehicle Sales for October were reported flat at 0.0% monthly and increased by 1.0% annualized. Forex traders can compare this to Australian New Motor Vehicle Sales for September which decreased by 0.4% monthly and by 0.6% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for September was reported at €37.8B and the Eurozone Current Account (n.s.a) was reported at €41.8B. Forex traders can compare this to the Eurozone Current Account (s.a.) for August which was reported at €33.3B and to the Eurozone Current Account (n.s.a.) which was reported at €29.6B.
- Eurozone Construction Output: Eurozone Construction Output for September increased by 0.1% monthly and by 3.1% annualized. Forex traders can compare this to Eurozone Construction Output for August which decreased by 0.2% monthly and which increased by 1.9% annualized.
- Canadian CPI: The Canadian CPI for October is predicted to increase by 0.1% monthly and by 1.4% annualized. Forex traders can compare this to the Canadian CPI for September which increased by 0.2% monthly and by 1.6% annualized.
- US Housing Starts and Building Permits: US Housing Starts for October are predicted to increase by 5.6% monthly to 1,190K starts and Building Permits are predicted to increase by 2.0% monthly to 1,250K permits. Forex traders can compare this to US Housing Starts for September which decreased by 4.7% monthly to 1,127K starts and to Building Permits which decreased by 4.5% monthly to 1,215K permits.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for November is predicted at 20. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for October which was reported at 23.
Should price action for Gold remain inside the or breakout above the 1,280.00 to 1,286.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,283.00
- Take Profit Zone: 1,305.75 – 1,310.25
- Stop Loss Level: 1,274.50
Should price action for Gold breakdown below 1,280.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,274.50
- Take Profit Zone: 1,263.75 – 1,266.00
- Stop Loss Level: 1,280.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
