Here are the key factors to keep in mind today for Gold trades:
- New Zealand Retail Sales excluding Inflation: New Zealand Retail Sales excluding Inflation for the fourth-quarter increased by 1.7% quarterly. Economists predicted an increase of 0.5% quarterly. Forex traders can compare this to New Zealand Retail Sales excluding Inflation for the third-quarter which were reported flat at 0.0% quarterly.
- Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for January increased by 1.1% annualized. Economists predicted an increase of 1.1% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for December which increased by 1.1% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for December was reported at 97.5 and the Final Japanese Coincident Index was reported at 101.8. Forex traders can compare this to the previous Japanese Leading Index for December which was reported at 97.9 and to the previous Japanese Coincident Index which was reported at 102.3.
- US Chicago Fed National Activity Index: The US Chicago Fed National Activity Index for January is predicted at 0.31. Forex traders can compare this to the US Chicago Fed National Activity Index for December which was reported at 0.27.
- US Wholesale Inventories: US Preliminary Wholesale Inventories for December are predicted to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Inventories for November which increased by 0.3% monthly.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for February is predicted at 4.8. Forex traders can compare this to the US Dallas Fed Manufacturing Index for January which was reported at 1.0.
Should price action for Gold remain inside the or breakout above the 1,327.50 to 1,332.55 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,329.50
- Take Profit Zone: 1,350.80 – 1,365.80
- Stop Loss Level: 1,320.80
Should price action for Gold breakdown below 1,327.50 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,323.00
- Take Profit Zone: 1,302.30 – 1,311.30
- Stop Loss Level: 1,327.50
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
