Here are the key factors to keep in mind today for Gold trades:
- New Zealand Consumer Confidence Index: The New Zealand Consumer Confidence Index for November increased by 3.5% to 127.2. Forex traders can compare this to the New Zealand Consumer Confidence Index for October which increased by 1.6% to 122.9.
- New Zealand Retail Sales ex Inflation: New Zealand Retail Sales ex Inflation for the third-quarter increased by 0.9% quarterly. Forex traders can compare this to New Zealand Retail Sales ex Inflation for the second-quarter which increased by 2.3% quarterly.
- New Zealand PPI Output: The New Zealand PPI Output for the third-quarter increased by 1.0% quarterly. Forex traders can compare this to the New Zealand PPI Output for the second-quarter which increased by 0.2% quarterly.
- German PPI: The German PPI for October is predicted to increase by 0.2% monthly and to decrease by 0.9% annualized. Forex traders can compare this to the German PPI for September which decreased by 0.2% monthly and by 1.4% annualized.
- Canadian CPI and Core CPI: The Canadian CPI for October is predicted to increase by 0.3% monthly and by 1.5% annualized. Forex traders can compare this to the Canadian CPI for September which increased by 0.1% monthly and by 1.3% annualized. The Canadian Core CPI for October is predicted to increase by 0.3% monthly and by 1.8% annualized. Forex traders can compare this to the Canadian Core CPI for September which increased by 0.2% monthly and by 1.8% annualized.
- US Leading Indicators: US Leading Indicators for October are predicted to increase by 0.1% monthly. Forex traders can compare this to US Leading Indicators for September which increased by 0.2% monthly.
Should price action for Gold remain inside the or breakout above the 1,207.00 to 1,212.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,210.00
- Take Profit Zone: 1,302.00 – 1,307.00
- Stop Loss Level: 1,197.00
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: 1,147.00 – 1,152.00
- Stop Loss Level: 1,207.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
