Here are the key factors to keep in mind today for Gold trades:
- Australian TD Securities Inflation: Australian TD Securities Inflation for December increased by 0.4% monthly and by 1.9% annualized. Forex traders can compare this to Australian TD Securities Inflation for November which was reported flat at 0.0% monthly and which increased by 1.6% annualized.
- Chinese Trade Balance: The Chinese Trade Balance for December was reported at $57.06B. Economists predicted a figure of $51.60B. Forex traders can compare this to the Chinese Trade Balance for November which was reported at $44.74B. Exports decreased by 4.4% annualized and Imports decreased by 7.6% annualized. Economists predicted an increase of 2.0% and of 4.5%. Forex traders can compare this to Exports for November which increased by 5.4% annualized and to Imports which increased by 3.0% annualized.
- German Wholesale Price Index: The German Wholesale Price Index for December decreased by 1.2% monthly and increased by 2.5% annualized. Forex traders can compare this to the German Wholesale Price Index for November which increased by 0.2% monthly and by 3.5% annualized.
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of January 11th were reported at CHF575.2B and Swiss Domestic Sight Deposits were reported at CHF483.0B. Forex traders can compare this to Swiss Total Sight Deposits for the week of January 4th which were reported at CHF574.0B and to Swiss Domestic Sight Deposits which were reported at CHF480.0B.
- Eurozone Industrial Production: Eurozone Industrial Production for November is predicted to decrease by 1.5% monthly and by 2.1% annualized. Forex traders can compare this to Eurozone Industrial Production for October which increased by 0.2% monthly and which by 1.2% annualized.
Should price action for Gold remain inside the or breakout above the 1,283.90 to 1,298.10 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,293.50
- Take Profit Zone: 1,344.50 – 1,365.80
- Stop Loss Level: 1,266.20
Should price action for Gold breakdown below 1,283.90 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,276.50
- Take Profit Zone: 1,232.70 – 1,243.20
- Stop Loss Level: 1,293.50
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
