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

• German Import Price Index: The German Import Price Index for December increased by 0.3% monthly and by 1.1% annualized. Economists predicted an increase of 0.2% monthly and of 1.1% annualized. Forex traders can compare this to the German Import Price Index for November which increased by 0.8% monthly and by 2.7% annualized.
• Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of January 26th were reported at CHF574.9B and Swiss Domestic Sight Deposits were reported at CHF465.1B. Forex traders can compare this to Swiss Total Sight Deposits for the week of January 19th which were reported at CHF574.7B and to Swiss Domestic Sight Deposits which were reported at CHF468.9B.
• US Personal Income and Personal Spending: US Personal Income for December is predicted to increase by 0.3% monthly and Personal Spending is predicted to increase by 0.4% monthly. Forex traders can compare this to Personal Income for November which increased by 0.3% monthly and to Personal Spending which increased by 0.6% monthly. Real Personal Spending for December is predicted to increase by 0.4% monthly. Forex traders can compare this to Real Personal Spending for November which increased by 0.4% monthly. The PCE Deflator for December is predicted to increase by 0.1% monthly and by 1.7% annualized. Forex traders can compare this to the PCE Deflator for November which increased by 0.2% monthly and by 1.8% annualized. The PCE Core Deflator for December is predicted to increase by 0.2% monthly and by 1.5% annualized. Forex traders can compare this to the PCE Core Deflator for November which increased by 0.1% monthly and by 1.5% annualized.
• US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for January is predicted at 25.5. Forex traders can compare this to the US Dallas Fed Manufacturing Index for December which was reported at 29.7.

Should price action for Gold remain inside the or breakout above the 1,342.00 to 1,352.00 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1,347.00
• Take Profit Zone: 1,387.00 – 1,400.00
• Stop Loss Level: 1,331.00

Should price action for Gold breakdown below 1,342.00 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1,331.00
• Take Profit Zone: 1,294.00 – 1,306.00
• Stop Loss Level: 1,347.00

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