Here are the key factors to keep in mind today for Gold trades:
- Australian AiG Performance of Construction Index: The Australian AiG Performance of Construction Index for October was reported at 46.4. Forex traders can compare this to the Australian AiG Performance of Construction Index for September which was reported at 49.3.
- New Zealand Employment Data: The Unemployment Rate for the third-quarter was reported at 3.9%. Economists predicted an Unemployment Rate of 4.4%. Forex traders can compare this to the Unemployment Rate for the second-quarter which was reported at 4.4%. The Unemployment Change for the third-quarter increased by 1.1% quarterly and by 2.8% annualized. Economists predicted an increase of 0.5% quarterly and of 2.0% annualized. Forex traders can compare this to the Unemployment Change for the second-quarter which increased by 0.6% quarterly and by 3.7% annualized. The Participation Rate for the third-quarter was reported at 71.1%. Economists predicted a Participation Rate of 70.9% quarterly. Forex traders can compare this to the Participation Rate for the second-quarter which was reported at 70.9%. Private Wages ex Overtime for the third-quarter increased by 0.5% quarterly. Economists predicted an increase of 0.5% quarterly. Forex traders can compare this to Private Wages ex Overtime for the second-quarter which increased by 0.6% quarterly. Labor Cost Private Sector for the third-quarter increased by 0.5% quarterly. Economists predicted an increase of 0.5% quarterly. Forex traders can compare this to Labor Cost Private Sector for the second-quarter which increased by 0.6% quarterly. Average Hourly Earnings for the third-quarter increased by 1.4% quarterly. Economists predicted an increase of 0.8% quarterly. Forex traders can compare this to Labor Cost Private Sector for the second-quarter which increased by 0.2% quarterly.
- Japanese Official Reserve Assets: Japanese Official Reserve Assets for October were reported at $1,252.9B. Forex traders can compare this to Japanese Official Reserve Assets for September which were reported at $1,259.7B.
- Japanese Labor Cash Earnings and Japanese Real Cash Earnings: Japanese Labor Cash Earnings for September increased by 1.1% annualized and Japanese Real Cash Earnings decreased by 0.4% annualized. Economists predicted an increase of 1.1% and a decrease of 0.3%. Forex traders can compare this to Japanese Labor Cash Earnings for August which increased by 0.8% annualized and to Japanese Real Cash Earnings which decreased by 0.7% annualized.
- Reserve Bank of New Zealand 2-Year Inflation Expectations: Reserve Bank of New Zealand 2-Year Inflation Expectations for the fourth-quarter increased by 2.03%. Forex traders can compare this to Reserve Bank of New Zealand 2-Year Inflation Expectations for the third-quarter which increased by 2.04%.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for September was reported at 103.9 and the Preliminary Japanese Coincident Index was reported at 114.6. Economists predicted a figure of 103.9 and of 114.6. Forex traders can compare this to the Japanese Leading Index for August which was reported at 104.5 and to the Japanese Coincident Index which was reported at 116.7.
- Australian Foreign Reserves: Australian Foreign Reserves for October were reported at A$64.0B. Forex traders can compare this to Australian Foreign Reserves for September which were reported at A$73.7B.
- German Industrial Production: German Industrial Production for September increased by 0.2% monthly and by 0.8% annualized. Economists predicted a decrease of 0.1% monthly and an increase of 0.5% annualized. Forex traders can compare this to German Industrial Production for August which decreased by 0.3% monthly and by 0.1% annualized.
- Swiss Foreign Currency Reserves: Swiss Foreign Currency Reserves for October were reported at CHF753.3B. Forex traders can compare this to Swiss Foreign Currency Reserves for September which were reported at CHF739.7B.
- UK Halifax House Price Index: The UK Halifax House Price Index for October increased by 0.7% monthly and by 1.5% tri-monthly annualized. Economists predicted an increase of 0.3% monthly and of 1.3% tri-monthly annualized. Forex traders can compare this to the UK Halifax House Price Index for September which decreased by 1.3% monthly and which increased by 2.5% tri-monthly annualized.
- German Markit Construction PMI: The German Markit Construction PMI for October was reported at 49.8. Forex traders can compare this to the German Markit Construction PMI for September which was reported at 50.2.
- Eurozone Retail Sales: Eurozone Retail Sales for September were reported flat at 0.0% monthly and increased by 0.8% annualized. Economists predicted an increase of 0.1 monthly and of 0.8% annualized. Forex traders can compare this to Eurozone Retail Sales for August which increased by 0.3% monthly and by 2.2% annualized.
- Canadian Ivey PMI: The Canadian Ivey PMI for October is predicted at 50.9. Forex traders can compare this to the Canadian Ivey PMI for September which was reported at 50.4.
Should price action for Gold remain inside the or breakout above the 1,222.85 to 1,237.10 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,233.25
- Take Profit Zone: 1,265.60 – 1,281.85
- Stop Loss Level: 1,211.35
Should price action for Gold breakdown below 1,222.85 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,218.45
- Take Profit Zone: 1,280.55 – 1,191.00
- Stop Loss Level: 1,230.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
