Here are the key factors to keep in mind today for Gold trades:
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of February 18th was reported at 115.3. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of February 11th which was reported at 119.5.
- German PPI: The German PPI for January increased by 0.5% monthly and by 2.1% annualized. Economists predicted an increase of 0.5% monthly and of 1.8% annualized. Forex traders can compare this to the German PPI for December which increased by 0.2% monthly and by 2.3% annualized.
- Swiss Exports and Swiss Imports: Swiss Exports for January decreased by .1% monthly and Swiss Imports increased by 3.8% monthly. Forex traders can compare this to Swiss Exports for December which increased by 3.3% monthly and to Swiss Imports which increased by 1.0% monthly.
- German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation for February was reported at 92.3 and the German ZEW Survey Economic Sentiment at 17.8. Economists predicted a figure of 94.0 and 16.0. Forex traders can compare this to the German ZEW Survey Current Situation for January which was reported at 95.2 and to the German ZEW Survey Economic Sentiment which was reported at 20.4. The Eurozone ZEW Survey Economic Sentiment for February was reported at 29.3. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment for January which was reported at 31.8.
- UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for February are predicted at 11 and CBI Trends Selling Prices are predicted at 41. Forex traders can compare this to CBI Trends Total Orders for January which were reported at 14 and to CBI Trends Selling Prices which were reported at 40.
- Canadian Wholesale Trade Sales: Canadian Wholesale Trade Sales for December are predicted to increase by 0.4% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for November which increased by 1.3% monthly.
- Advanced Eurozone Consumer Confidence: Advanced Eurozone Consumer Confidence for February is predicted at 1.0. Forex traders can compare this to the previous Eurozone Consumer Confidence for February which was reported at 1.3.
Should price action for Gold remain inside the or breakout above the 1,335.00 to 1,340.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,337.50
- Take Profit Zone: 1,412.50 – 1,430.00
- Stop Loss Level: 1,325.75
Should price action for Gold breakdown below 1,335.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,325.00
- Take Profit Zone: 1,294.00 – 1,306.00
- Stop Loss Level: 1,337.50
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
