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 4th was reported at 122.7. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of January 28th which was reported at 120.9.
- UK BRC Like-for-Like Sales: UK BRC Like-for-Like Sales for January increased by 0.6% annualized. Economists predicted an increase of 0.7% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for December which increased by 0.6% annualized.
- Australian Trade Balance: The Australian Trade Balance for December was reported at -A$1,358M. Economists predicted a figure of A$200M. Forex traders can compare this to the Australian Trade Balance for November which was reported at A$36M.
- Australian Retail Sales: Australian Retail Sales for December decreased by 0.5% monthly. Economists predicted a decrease of 0.2% monthly. Forex traders can compare this to Australian Retail Sales for November which increased by 1.3% monthly.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Economists predicted interest rates at 1.50%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
- German Factory Orders: German Factory Orders for December increased by 3.8% monthly and by 7.2% annualized. Economists predicted an increase of 0.7% monthly and of 3.1% annualized. Forex traders can compare this to German Factory Orders for November which decreased by 0.1% monthly and which increased by 9.1% annualized.
- German Markit Construction PMI: The German Markit Construction PMI for January was reported at 59.8. Forex traders can compare this to the German Markit Construction PMI for December which was reported at 53.7.
- UK New Car Registrations: UK New Car Registrations for January decreased by 6.3% annualized. Forex traders can compare this to UK New Car Registrations for December which decreased by 14.4% annualized.
- Eurozone Retail PMI: The Eurozone Retail PMI for January was reported at 50.8. Forex traders can compare this to the Eurozone Retail PMI for December which was reported at 53.0. The German Retail PMI for January was reported at 53.0. Forex traders can compare this to the German Retail PMI for December which was reported at 55.1. The French Retail PMI for January was reported at 51.0. Forex traders can compare this to the French Retail PMI for December which was reported at 53.0. The Italian Retail PMI for January was reported at 47.3. Forex traders can compare this to the Italian Retail PMI for December which was reported at 49.5.
- Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for December is predicted at -C$2.20B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for November which was reported at -C$2.45B.
- US Trade Balance: The US Trade Balance for December is predicted at -$52.0B. Forex traders can compare this to the US Trade Balance for November which was reported at -$50.5B.
- US JOLTS Job Openings: US JOLTS Job Openings for December a predicted at 5,900. Forex traders can compare this to US JOLTS Job Openings for November which were reported at 5,879.
- Canadian Ivey PMI: The Canadian Ivey PMI for January is predicted at 61.0. Forex traders can compare this to the Canadian Ivey PMI for December which was reported at 60.4.
Should price action for Gold remain inside the or breakout above the 1,338.00 to 1,346.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,342.00
- Take Profit Zone: 1,387.00 – 1,400.00
- Stop Loss Level: 1,327.00
Should price action for Gold breakdown below 1,338.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,332.00
- Take Profit Zone: 1,308.00 – 1,315.00
- Stop Loss Level: 1,342.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
