Here are the key factors to keep in mind today for Gold trades:
- Japanese Merchandise Trade Balance: The Japanese Merchandise Trade Balance for January was reported at -¥1,086.9B and the Adjusted Merchandise Trade Balance at ¥155.5B. Economists predicted a figure of -¥625.9B and ¥275.5B. Forex traders can compare this to the Merchandise Trade Balance for December which was reported at ¥640.4B and the Adjusted Merchandise Trade Balance which was reported at ¥327.5B. Merchandise Trade Exports for January increased by 1.3% annualized and Merchandise Trade Imports by 8.5% annualized. Economists predicted an increase of 5.0% annualized and a decrease of 4.8% annualized. Forex traders can compare this to Merchandise Trade Exports for December which increased by 5.4% annualized and Merchandise Trade Imports which decreased by 2.6% annualized.
- UK Rightmove House Prices: UK Rightmove House Prices for February increased by 2.0% monthly and by 2.3% annualized. Forex traders can compare this to UK Rightmove House Prices for January which increased by 0.4% monthly and by 3.2% annualized.
- German PPI: The German PPI for January increased by 0.7% monthly and by 2.4% annualized. Economists predicted an increase of 0.3% monthly and of 2.0% annualized. Forex traders can compare this to the German PPI for December which increased by 0.4% monthly and by 1.0% annualized.
- UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for February were reported at 8 and CBI Trends Selling Prices were reported at 32. Forex traders can compare this to CBI Trends Total Orders for January which were reported at 5 and to CBI Trends Selling Prices which were reported at 28.
- Canadian Wholesale Sales: Canadian Wholesale Sales for December are predicted to increase by 0.4% monthly. Forex traders can compare this to Canadian Wholesale Sales for November which increased by 0.2% monthly.
- Advanced Eurozone Consumer Confidence: Advanced Eurozone Consumer Confidence for February is predicted at -4.9. Forex traders can compare this to the previous Eurozone Consumer Confidence for February which was reported at -4.9.
Should price action for Gold remain inside the or breakout above the 1,232.00 to 1,240.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,236.00
- Take Profit Zone: 1,300.00 – 1,305.00
- Stop Loss Level: 1,215.00
Should price action for Gold breakdown below 1,232.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,227.00
- Take Profit Zone: 1,180.00 – 1,190.00
- Stop Loss Level: 1,240.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
