Here are the key factors to keep in mind today for Gold trades:
- New Zealand ANZ Truckometer Heavy Index: The New Zealand ANZ Truckometer Heavy Index for October increased by 2.9% monthly. Forex traders can compare this to the New Zealand ANZ Truckometer Heavy Index for September which decreased by 1.5% monthly.
- Japanese Official Reserve Assets: Japanese Official Reserve Assets for October were reported at $1,260.9B. Forex traders can compare this to Japanese Official Reserve Assets for September which were reported at $1,266.3B.
- Chinese Trade Balance: The Chinese Trade Balance for October was reported at $38.17B. Economists predicted a figure of $39.45B. Forex traders can compare this to the Chinese Trade Balance for September which was reported at $28.61B. Exports increased by 6.9% annualized and Imports by 17.2% annualized. Economists predicted an increase of 7.0% and of 16.8%. Forex traders can compare this to Exports for September which increased by 8.1% annualized and to Imports which increased by 18.7% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for September was reported at 106.6 and the Preliminary Japanese Coincident Index was reported at 115.8. Economists predicted a figure of 106.6 and of 115.9. Forex traders can compare this to the Japanese Leading Index for August which was reported at 107.2 and to the Japanese Coincident Index which was reported at 117.7.
- Canadian Housing Starts and Building Permits: Canadian Housing Starts for October are predicted at 210.0K. Forex traders can compare this to Canadian Housing Starts for September which were reported at 217.1K. Canadian Building Permits for October are predicted to decrease by 0.2% monthly. Forex traders can compare this to Canadian Building Permits for September which decreased by 5.% monthly.
Should price action for Gold remain inside the or breakout above the 1,275.00 to 1,281.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,278.00
- Take Profit Zone: 1,300.00 – 1,305.00
- Stop Loss Level: 1,269.00
Should price action for Gold breakdown below 1,275.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,269.00
- Take Profit Zone: 1,251.50 – 1,265.00
- Stop Loss Level: 1,275.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
