Here are the key factors to keep in mind today for Gold trades:

• Chinese Caixin Services PMI and Chinese Caixin Composite PMI: The Chinese Caixin Services PMI for January was reported at 53.6. Economists predicted a figure of 53.4. Forex traders can compare this to the Chinese Caixin Services PMI for December which was reported at 53.9. The Chinese Caixin Composite PMI for January was reported at 50.9. Forex traders can compare this to the Chinese Caixin Composite PMI for for December which was reported at 52.2.
• New Zealand Building Permits: New Zealand Building Permits for December increased by 5.1% monthly. Forex traders can compare this to New Zealand Building Permits for November which decreased by 2.0% monthly.
• Japanese Monetary Base and Monetary Base end of Period: The Japanese Monetary Base for January increased by 4.7% annualized and the Monetary Base end of Period was reported at ¥500.2T. Economists predicted a figure of 4.6% and of ¥500.3T. Forex traders can compare this to the Japanese Monetary Base for December which increased by 4.8% annualized and to the Monetary Base end of Period which was reported at ¥504.2T.
• Australian TD Securities Inflation: Australian TD Securities Inflation for January decreased by 0.1% monthly and increased by 1.5% annualized. Forex traders can compare this to Australian TD Securities Inflation for December which increased by 0.4% monthly and by 1.9% annualized.
• Australian Building Approvals: Australian Building Approvals for December decreased by 8.4% monthly and by 22.5% annualized. Economists predicted an increase of 2.0% monthly and a decrease of 10.9% annualized. Forex traders can compare this to Australian Building Approvals for November which decreased by 9.1% monthly and by 32.8% annualized.
• Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for January decreased by 1.7% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for December which were reported flat at 0.0% monthly.
• Eurozone Sentix Investor Confidence: Eurozone Sentix Investor Confidence for February is predicted at -1.3. Forex traders can compare this to Eurozone Sentix Investor Confidence for January which was reported at -1.5.
• UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for January is predicted at 52.5. Forex traders can compare this to the UK Markit/CIPS Construction PMI for December which was reported at 52.8.
• Eurozone PPI: The Eurozone PPI for December is predicted to decrease by 0.5% monthly and to increase by 3.1% annualized. Forex traders can compare this to the Eurozone PPI for November which decreased by 0.3% monthly and which increased by 4.0% annualized.
• US Factory Orders: US Factory Orders for November are predicted to increase by 0.3% monthly. Forex traders can compare this to US Factory Orders for October which decreased by 2.1% monthly.

Should price action for Gold remain inside the or breakout above the 1,304.20 to 1,318.75 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,312.00
• Take Profit Zone: 1,350.80 – 1,365.80
• Stop Loss Level: 1,297.50

Should price action for Gold breakdown below 1,304.20 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,295.10
• Take Profit Zone: 1,266.20 – 1,276.30
• Stop Loss Level: 1,304.20

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.