Here are the key factors to keep in mind today for Gold trades:
- UK Rightmove House Prices: UK Rightmove House Prices for January increased by 0.4% monthly and by 0.4% annualized. Forex traders can compare this to UK Rightmove House Prices for December which decreased by 1.5% monthly and which increased by 0.7% annualized.
- Chinese Retail Sales: Chinese Retail Sales for December increased by 8.2% annualized. Economists predicted an increase of 8.1% annualized. Forex traders can compare this to Chinese Retail Sales for November which increased by 8.1% annualized.
- Chinese Industrial Production: Chinese Industrial Production for December increased by 5.7% annualized. Economists predicted an increase of 5.3% annualized. Forex traders can compare this to Chinese Industrial Production for November which increased by 5.4% annualized.
- Chinese Fixed Assets ex Rural: Chinese Fixed Assets ex Rural for December increased by 5.9% annualized. Economists predicted an increase of 6.0% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for November which increased by 5.9% annualized.
- Chinese Property Investment: Chinese Property Investment for December increased by 9.5% annualized. Forex traders can compare this to Chinese Property Investment for November which increased by 9.7% annualized.
- Chinese Surveyed Jobless Rate: The Chinese Surveyed Jobless Rate for December was reported at 4.9%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for November which was reported at 4.8%.
- Chinese GDP: The Chinese GDP for the fourth-quarter increased by 1.5% quarterly and by 6.4% annualized. Economists predicted an increase of 1.5% quarterly and of 6.4% annualized. Forex traders can compare this to the Chinese GDP for the third-quarter which increased by 1.6% quarterly and by 6.5% annualized.
- German PPI: The German PPI for December decreased by 0.4% monthly and increased by 2.7% annualized. Economists predicted a decrease of 0.1% monthly and an increase of 2.9% annualized. Forex traders can compare this to the German PPI for November which increased by 0.1% monthly and by 3.3% annualized.
Should price action for Gold remain inside the or breakout above the 1,273.70 to 1,283.30 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,277.50
- Take Profit Zone: 1,349.15 – 1,365.80
- Stop Loss Level: 1,250.55
Should price action for Gold breakdown below 1,273.70 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,266.50
- Take Profit Zone: 1,215.60 – 1,232.70
- Stop Loss Level: 1,277.50
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
