Here are the key factors to keep in mind today for Gold trades:
- New Zealand Trade Balance: The New Zealand Trade Balance for October was reported at -NZ$871M monthly and at -NZ$2,986M year-to-date. Economists predicted a figure of -NZ$760M and of -NZ$2,705. Forex traders can compare this to the New Zealand Trade Balance for September which was reported at -NZ$1,143M monthly and at -NZ$2,908M year-to-date. Exports for October were reported at NZ.56B and Imports were reported at NZ5.43B. Economists predicted a figure of NZ$4.20B and of NZ$4.95B. Forex traders can compare this to Exports for September which were reported at NZ$3.78B and Imports which were reported at NZ$4.92B.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for November 17th was reported at ¥231.3B and Japanese Buying Foreign Stocks was reported at ¥330.9B. Forex traders can compare this to Japanese Buying Foreign Bonds for November 10th which was reported at -¥96.3B and to Japanese Buying Foreign Stocks which was reported at ¥308.2B. Foreign Buying Japanese Bonds for November 17th was reported at -¥285.1B and Foreigners Buying Japanese Stocks was reported at -¥324.5B. Forex traders can compare this to Foreign Buying Japanese Bonds for November 10th which was reported at -¥104.0B and to Foreigners Buying Japanese Stocks which was reported at ¥183.2B.
- Japanese Nikkei Manufacturing PMI: The Preliminary Japanese Nikkei Manufacturing PMI for November was reported at 53.8. Forex traders can compare this to the Japanese Nikkei Manufacturing PMI October which was reported at 52.8.
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for September was reported at 106.4 and the Final Japanese Coincident Index was reported at 116.2. Forex traders can compare this to the first Japanese Leading Index for September which was reported at 107.2 and to the first Japanese Coincident Index which was reported at 117.7.
- Swiss Industry and Construction Output and Swiss Industrial Output: Swiss Industry and Construction Output for the third-quarter increased by 7.4% annualized. Forex traders can compare this to Swiss Industry and Construction Output for the second-quarter which increased by 3.6% annualized. Swiss Industrial Output for the third-quarter increased by 8.6% annualized. Forex traders can compare this to Swiss Industrial Output for the second-quarter which increased by 3.2% annualized.
- German IFO: The German IFO Business Climate Index for November was reported at 117.5. Economists predicted a figure of 116.5. Forex traders can compare this to the German IFO Business Climate Index for October which was reported at 116.7. The German IFO Current Assessment Index for November was reported at 124.4. Economists predicted a figure of 125.0. Forex traders can compare this to the German IFO Current Assessment Index for October which was reported at 124.8. The German IFO Expectations Index for November was reported at 111.0. Economists predicted a figure of 108.8. Forex traders can compare this to the German IFO Expectations Index for October which was reported at 109.1.
- UK BBA Loans for House Purchase: UK BBA Loans for House Purchase for October were reported at 40,488. Economists predicted a figure of 40,850. Forex traders can compare this to UK BBA Loans for House Purchase for September which were reported at 41,576.
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for November is predicted at 55.0. Forex traders can compare this to the US Markit Manufacturing PMI for October which was reported at 54.6. The Preliminary US Markit Services PMI for November is predicted at 55.4. Forex traders can compare this to the US Markit Services PMI for October which was reported at 55.3. The Preliminary US Markit Composite PMI for November is predicted at 55.5. Forex traders can compare this to the US Markit Composite PMI for October which was reported at 55.2.
Should price action for Gold remain inside the or breakout above the 1,285.00 to 1,295.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,290.00
- Take Profit Zone: 1,350.00 – 1,357.00
- Stop Loss Level: 1,282.00
Should price action for Gold breakdown below 1,285.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,279.00
- Take Profit Zone: 1,260.00 – 1,264.00
- Stop Loss Level: 1,285.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
