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

• Japanese Official Reserve Assets: Japanese Official Reserve Assets for January were reported at $1,231.6B. Forex traders can compare this to Japanese Official Reserve Assets for December which were reported at $1,216.9B.
• UK BRC Like-for-Like Sales: UK BRC Like-for-Like Sales for January decreased by 1.6% annualized. Economists predicted an increase of 0.9% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for December which increased by 1.0% annualized.
• RBNZ 2-Year Inflation Expectations: RBNZ 2-Year Inflation Expectations for the first-quarter increased by 1.9% quarterly. Forex traders can compare this to RBNZ 2-Year Inflation Expectations for the fourth-quarter which increased by 1.9% quarterly.
• 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%.
• Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for December was reported at 105.2. Economists predicted a reading of 105.5. Forex traders can compare this to the Japanese Leading Index for November which was reported at 102.8. The Preliminary Japanese Coincident Index for December was reported at 115.2. Economists predicted a reading of 115.1. Forex traders can compare this to the Japanese Coincident Index for November which was reported at 115.0.
• Australian Foreign Reserves: Australian Foreign Reserves for January were reported at A$68.6B. Forex traders can compare this to Australian Foreign Reserves for December which were reported at A$76.1B.
• Swiss SECO Consumer Confidence: Swiss SECO Consumer Confidence for January was reported at -3. Economists predicted a figure of -11. Forex traders can compare this to Swiss SECO Consumer Confidence for December which was reported at -13.
• German Industrial Production: German German Industrial Production for December decreased by 3.0% monthly and by 0.7% annualized. Economists predicted an increase of 0.3% monthly and an increase of 2.5% annualized. Forex traders can compare this to German Industrial Production for November which increased by 0.5% monthly and by 2.3% annualized.
• Swiss Currency Reserves: Swiss Currency Reserves for January were reported at CHF643.7B. Economists predicted a figure of CHF646.1B. Forex traders can compare this to Swiss Currency Reserves for December which were reported at CHF654.3B.
• British Halifax House Price Index: The British Halifax House Price Index for January decreased by 0.9% monthly and increased by 5.9% tri-monthly annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 6.0% tri-monthly annualized. Forex traders can compare this to the British Halifax House Price Index for December which increased by 1.6% monthly and by 6.5% tri-monthly annualized.
• US Trade Balance: The US Trade Balance for December is predicted at -$45.0B. Forex traders can compare this to the US Trade Balance for November which was reported at -$45.2B.
• Canadian International Merchandise Trade Balance: The Canadian International Merchandise Trade Balance for December is predicted at C$0.20B. Forex traders can compare this to the Canadian International Merchandise Trade Balance for November which was reported at C$0.53B.
• Canadian Building Permits: Canadian Building Permits for December are predicted to decrease by 3.0% monthly. Forex traders can compare this to Canadian Building Permits for November which decreased by 0.1% monthly.
• US JOLTS Job Openings: US JOLTS Job Openings for December a predicted at 5,569. Forex traders can compare this to US JOLTS Job Openings for November which were reported at 5,522.
• Canadian Ivey PMI: The Canadian Ivey PMI for January is predicted at 58.3. Forex traders can compare this to the Canadian Ivey PMI for December which was reported at 60.8.
• US Consumer Credit: US Consumer Credit for December is predicted at $20.000B. Forex traders can compare this to US Consumer Credit for November which was reported at $24.532B.

Should price action for Gold remain inside the or breakout above the 1,228.00 to 1,234.00 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,231.00
• Take Profit Zone: 1,300.00 – 1,305.00
• Stop Loss Level: 1,216.00

Should price action for Gold breakdown below 1,228.00 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,223.00
• Take Profit Zone: 1,120.00 – 1,125.00
• Stop Loss Level: 1,234.00

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