Here are the key factors to keep in mind today for Gold trades:
- Australian CoreLogic House Prices: Australian CoreLogic House Prices for January increased by 0.7% monthly. Forex traders can compare this to Australian CoreLogic House Prices for December which increased by 1.4%.
- UK BRC Shop Price Index: The UK BRC Shop Price Index for January decreased by 1.7% annualized. Economists predicted a decrease of 1.0% annualized. Forex traders can compare this to the UK BRC Shop Price Index December which decreased by 1.4% annualized.
- Japanese Nikkei Manufacturing PMI: The Final Japanese Nikkei Manufacturing PMI for January was reported at 52.7. Forex traders can compare this to the previous Japanese Nikkei Manufacturing PMI for January which was reported at 52.8.
- Chinese Non-Manufacturing PMI and Chinese Manufacturing PMI: The Chinese Non-Manufacturing PMI for January was reported at 54.6 and the Chinese Manufacturing PMI at 51.3. Forex traders can compare this to the Chinese Non-Manufacturing PMI for December which was reported at 54.5 and to the Chinese Manufacturing PMI which was reported at 51.4.
- Japanese Vehicle Sales: Japanese Vehicle Sales for January increased by 8.6% annualized. Forex traders can compare this to Japanese Vehicle Sales for December which increased by 10.8% annualized.
- Australian Commodity Index: The Australian Commodity Index for January was reported at 120.9. Forex traders can compare this to the Australian Commodity Index for December which was reported at 116.1.
- British Nationwide House Prices: British Nationwide House Prices for January increased by 0.2% monthly and by 4.3% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 4.3% annualized. Forex traders can compare this to British Nationwide House Prices for December which increased by 0.8% monthly and by 4.5% annualized.
- Swiss SVME-PMI: The Swiss SVME-PMI for January is predicted at 55.9. Forex traders can compare this to the Swiss SVME-PMI for December which was reported at 56.0.
- Eurozone Manufacturing PMI: The final Eurozone Manufacturing PMI for January is predicted at 55.1, the final German Manufacturing PMI is predicted at 56.5 and the final French Manufacturing PMI is predicted at 53.4. Forex traders can compare this to the previous Eurozone Manufacturing PMI for January which was reported at 55.1, to the German Manufacturing PMI which was reported at 56.5 and to the French Manufacturing PMI which was reported at 53.4. The Italian Manufacturing PMI for January is predicted at 53.3. Forex traders can compare this to the Italian Manufacturing PMI for December which was reported at 53.2.
- UK Markit Manufacturing PMI: The UK Markit Manufacturing PMI for January is predicted at 55.9. Forex traders can compare this to the UK Markit Manufacturing PMI for December which was reported at 56.1.
- US ADP Employment Change: The US ADP Employment Change for January is predicted at 167K. Forex traders can compare this to the US ADP Employment Change for December which was reported at 153K.
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for January is predicted at 55.1. Forex traders can compare this to the first US Markit Manufacturing PMI for January which was reported at 55.1.
- US Construction Spending: US Construction Spending for December is predicted to increase by 0.3% monthly. Forex traders can compare this to US Construction Spending for November which increased by 0.9% monthly.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for January is predicted at 55.0. Forex traders can compare this to the US ISM Manufacturing Index for December which was reported at 54.7. ISM Prices Paid for January are predicted at 66.0. Forex traders can compare this to ISM Prices Paid for December which were reported at 65.5.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show interest rates at 0.75%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed interest rates at 0.75%.
Should price action for Gold remain inside the or breakout above the 1,207.00 to 1,212.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,210.00
- Take Profit Zone: 1,300.00 – 1,305.00
- Stop Loss Level: 1,172.00
Should price action for Gold breakdown below 1,207.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,202.00
- Take Profit Zone: 1,120.00 – 1,125.00
- Stop Loss Level: 1,212.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
