Here are the key factors to keep in mind today for Gold trades:
- Chinese Aggregate Financing: Chinese Aggregate Financing for February was reported at CNY703.0B. Economists predicted a figure of CNY1,300.0B. Forex traders can compare this to Chinese Aggregate Financing for January which was reported at CNY4,640.0B.
- Chinese New Yuan Loans: Chinese New Yuan Loans for February were reported at CNY885.5B. Economists predicted a figure of CNY950.0B. Forex traders can compare this to Chinese New Yuan Loans for January which were reported at CNY3,230.0B.
- Chinese Money Supply M0, M1 and M2: Chinese Money Supply M0 for February decreased by 2.4% annualized. Economists predicted an increase of 10.0% annualized. Forex traders can compare this to Chinese Money Supply M0 for January which increased by 17.2% annualized. Chinese Money Supply M1 for February increased by 2.0% annualized. Economists predicted an increase of 2.0% annualized. Forex traders can compare this to Chinese Money Supply M1 for January which increased by 0.4% annualized. Chinese Money Supply M2 for February increased by 8.0% annualized. Economists predicted an increase of 8.4% annualized. Forex traders can compare this to Chinese Money Supply M2 for January which increased by 8.4% annualized.
- New Zealand Card Spending: New Zealand Retail Card Spending for February increased by 0.9% monthly and New Zealand Card Spending increased by 0.1% monthly. Forex traders can compare this to New Zealand Retail Card Spending for January which increased by 1.8% monthly and to New Zealand Card Spending which increased by 2.0% monthly.
- Japanese Money Stock M2+CD and Japanese Money Stock M3: Japanese Money Stock M2+CD for February increased by 2.4% annualized and Japanese Money Stock M3 increased by 2.1% annualized. Economists predicted an increase of 2.4% and of 2.1%. Forex traders can compare this to Japanese Money Stock M2+CD for February which increased by 2.3% annualized and to Japanese Money Stock M3 which increased by 2.1% annualized.
- Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for February decreased by 29.3% annualized. Forex traders can compare this to Japanese Machine Tool Orders for January which decreased by 18.8% annualized.
- German Industrial Production: German Industrial Production for January decreased by 0.8% monthly and by 3.3% annualized. Economists predicted an increase of 0.5% monthly and a decrease of 3.3% annualized. Forex traders can compare this to German Industrial Production for December which decreased by 0.4% monthly and by 3.9% annualized.
- German Trade Balance & German Current Account Balance: The German Trade Balance for January was reported at a €18.5B. Economists predicted a figure of €15.3B. Forex traders can compare this to German Trade Balance for December which was reported at €13.9B. Exports for January were reported flat at 0.0% monthly and Imports increased by 1.5% monthly. Economists predicted a decrease of 0.5% monthly and of 0.1% monthly. Forex traders can compare this to Exports for December which increased by 1.5% monthly and to Imports which increased by 1.7% monthly. The German Current Account Balance for January was reported at a €18.3B. Economists predicted a figure of €18.0B. Forex traders can compare this to the German Current Account Balance for December which was reported at €21.0B.
- US Advanced Retail Sales: US Advanced Retail Sales for January are predicted to decrease by 0.1% monthly and Retail Sales Less Autos are predicted to increase by 0.3% monthly. Forex traders can compare this to US Advanced Retail Sales for December which decreased by 1.2% monthly and to Retail Sales Less Autos which decreased by 1.8% monthly. Retail Sales Less Autos and Gas for January are predicted to increase by 0.6% monthly and Retail Sales Control Group are predicted to increase by 0.6% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for December which decreased by 1.4% monthly and to Retail Sales Control Group which decreased by 1.7% monthly.
- US Business Inventories: US Business Inventories for December are predicted to increase by 0.6% monthly. Forex traders can compare this to US Business Inventories for November which decreased by 0.1% monthly.
Should price action for Gold remain inside the or breakout above the 1,290.70 to 1,302.55 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,296.00
- Take Profit Zone: 1,332.55 – 1,346.50
- Stop Loss Level: 1,280.70
Should price action for Gold breakdown below 1,290.70 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,286.00
- Take Profit Zone: 1,250.55 – 1,264.40
- Stop Loss Level: 1,296.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
