Here are the key factors to keep in mind today for Gold trades:
- Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for October were reported at 6 and Australian NAB Business Confidence at 4. Forex traders can compare this to NAB Business Conditions for September which were reported at 8 and to Australian NAB Business Confidence which was reported at 6.
- Chinese Trade Balance: The Chinese Trade Balance for October was reported at $49.06B. Economists predicted a figure of $51.70B. Forex traders can compare this to the Chinese Trade Balance for September which was reported at $41.99B. Exports decreased by 7.3% annualized and Imports decreased by 1.4% annualized. Economists predicted a decrease of 6.0% and of 1.0%. Forex traders can compare this to Exports for September which decreased by 10.0% annualized and to Imports which decreased by 1.9% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for September was reported at 100.5. Economists predicted a reading of 100.5. Forex traders can compare this to the Japanese Leading Index for August which was reported at 100.9. The Preliminary Japanese Coincident Index for September was reported at 112.1. Economists predicted a reading of 112.1. Forex traders can compare this to the Japanese Coincident Index for August which was reported at 112.0.
- Swiss Unemployment Rate: The Swiss Unemployment Rate for October was reported at 3.3%. Economists predicted a rate of 3.2%. Forex traders can compare this to the Swiss Unemployment Rate for September which was reported at 3.2%.
- German Industrial Production: German German Industrial Production for September decreased by 1.8% monthly and increased by 1.2% annualized. Economists predicted an decrease of 0.5% and an increase of 2.0%. Forex traders can compare this to German Industrial Production for August which increased by 3.0% monthly and by 2.4% annualized.
- German Trade Balance & German Current Account Balance: The German Trade Balance for September was reported at a €24.4B. Economists predicted a figure of €22.2B. Forex traders can compare this to German Trade Balance for August which was reported at €15.4B. Exports decreased by 0.7% monthly and Imports by 0.5% monthly. Economists predicted a decrease of 0.8% monthly and of 0.2% monthly. Forex traders can compare this to Exports for August which increased by 3.4% monthly and to Imports which increased by 1.9% monthly. The German Current Account Balance for September was reported at a €24.2B. Economists predicted a figure of €24.5B. Forex traders can compare this to the German Current Account Balance for August which was reported at €17.4B.
- British Industrial Production and British Manufacturing Production: British Industrial Production for September decreased by 0.4% monthly and increased by 0.3% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 0.8% annualized. Forex traders can compare this to British Industrial Production for August which decreased by 0.4% monthly and which increased by 0.7% annualized. British Manufacturing Production for September increased by 0.6% monthly and by 0.2% annualized. Economists predicted an increase of 0.4% monthly and a decrease of 0.1% annualized. Forex traders can compare this to British Manufacturing Production for August which increased by 0.2% monthly and by 0.5% annualized.
- US NFIB Small Business Optimism Index: The US NFIB Small Business Optimism Index for October was reported at 94.9. Economists predicted a figure of 94.1. Forex traders can compare this to the NFIB Small Business Optimism Index for September which was reported at 94.1.
- Canadian Housing Starts and Building Permits: Canadian Housing Starts for October are predicted at 195.0K and Building Permits for September are predicted to decrease by 4.3% monthly. Forex traders can compare this to Canadian Housing Starts for September which were reported at 220.6K and to Building Permits for August which increased by 10.4% monthly.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for October is predicted to increase by 0.4% monthly. Forex traders can compare this to the British NIESR GDP Estimate for September which increased by 0.4% monthly.
- US JOLTS Job Openings: US JOLTS Job Openings for September a predicted at 5,469. Forex traders can compare this to US JOLTS Job Openings for August which were reported at 5,443.
Should price action for Gold remain inside the or breakout above the 1,277.00 to 1,282.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,280.00
- Take Profit Zone: 1,345.00 – 1,350.00
- Stop Loss Level: 1,255.00
Should price action for Gold breakdown below 1,277.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,272.00
- Take Profit Zone: 1,242.00 – 1,247.00
- Stop Loss Level: 1,277.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
