Here are the key factors to keep in mind today for Gold trades:
- Australian Trade Balance: The Australian Trade Balance for February was reported at A$3,574M. Economists predicted a figure of A$1,700M. Forex traders can compare this to the Australian Trade Balance for January which was reported at A$1,302M.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
- UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for December is predicted at 52.6. Forex traders can compare this to the UK Markit/CIPS Construction PMI for November which was reported at 52.8.
- Eurozone Retail Sales: Eurozone Retail Sales for February increased by 0.7% monthly and by 1.8% annualized. Economists predicted an increase of 0.5% and of 1.0%. Forex traders can compare this to Eurozone Retail Sales for January which increased by 0.1% monthly and by 1.5% annualized.
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for February is predicted at C$0.64B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for January which was reported at C$0.81B.
- US Trade Balance: The US Trade Balance for February is predicted at -$44.7B. Forex traders can compare this to the US Trade Balance for January which was reported at -$48.5B.
- US Factory Orders: US Factory Orders for February are predicted to increase by 0.9%. Forex traders can compare this to US Factory Orders for January which increased by 1.2%.
Should price action for Gold remain inside the or breakdown below the 1,255.00 to 1,260.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,257.50
- Take Profit Zone: 1,195.00 – 1,200.00
- Stop Loss Level: 1,272.00
Should price action for Gold breakout above 1,260.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,265.00
- Take Profit Zone: 1,300.00 – 1,307.00
- Stop Loss Level: 1,255.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
