Here are the key factors to keep in mind today for Gold trades:
- Japanese Convenience Store Sales: Japanese Convenience Store Sales for December decreased by 0.3% annualized. Forex traders can compare this to Japanese Convenience Store Sales for November which decreased by 0.3% annualized.
- Swiss Money Supply M3: Swiss Money Supply M3 for December increased by 3.2% annualized. Forex traders can compare this to Swiss Money Supply M3 for November which increased by 4.4% annualized.
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of January 19th were reported at CHF574.6B and Swiss Domestic Sight Deposits were reported at CHF478.9B. Forex traders can compare this to Swiss Total Sight Deposits for the week of January 12th which were reported at CHF573.8B and to Swiss Domestic Sight Deposits which were reported at CHF473.9B.
- Canadian Wholesale Trade Sales: Canadian Wholesale Trade Sales for November are predicted to increase by 1.0% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for October which increased by 1.5% monthly.
- US Chicago Fed National Activity Index: The US Chicago Fed National Activity Index for December is predicted at 0.25.Forex traders can compare this to the US Chicago Fed National Activity Index for November which was reported at 0.15.
Should price action for Gold remain inside the or breakdown below the 1,327.00 to 1,337.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,332.00
- Take Profit Zone: 1,306.00 – 1,316.00
- Stop Loss Level: 1,344.00
Should price action for Gold breakout above 1,337.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,344.00
- Take Profit Zone: 1,375.00 – 1,385.00
- Stop Loss Level: 1,327.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
