Here are the key factors to keep in mind today for Gold trades:
- New Zealand Performance of Services Index: The New Zealand Performance of Services Index for January was reported at 56.3. Forex traders can compare this to the New Zealand Performance of Services Index for December which was reported at 53.2.
- Japanese Machine Orders: Japanese Machine Orders for December decreased by 0.1% monthly and increased by 0.9% annualized. Economists predicted a decrease of 1.0% monthly and an increase of 3.4% annualized. Forex traders can compare this to Japanese Machine Orders for November which were reported flat at 0.0% monthly and which increased by 0.8% annualized.
- UK Rightmove House Prices: UK Rightmove House Prices for February increased by 0.7% monthly and by 0.2% annualized. Forex traders can compare this to UK Rightmove House Prices for January which increased by 0.4% monthly and by 0.4% annualized.
Should price action for Gold remain inside the or breakout above the 1,317.90 to 1,326.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,323.30
- Take Profit Zone: 1,350.80 – 1,365.80
- Stop Loss Level: 1,311.20
Should price action for Gold breakdown below 1,317.90 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,315.00
- Take Profit Zone: 1,298.15 – 1,304.20
- Stop Loss Level: 1,323.30
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
