Here are the key factors to keep in mind today for Gold trades:
- Japanese BSI Large All Industry Index and BSI Large Manufacturing Index: The Japanese BSI All Large Industry Index for the first-quarter was reported at 3.3 quarterly and the Japanese BSI Large Manufacturing Index was reported at 2.9. Forex traders can compare this to the Japanese BSI All Large Industry Index for the fourth-quarter which was reported at 6.2 and to the Japanese BSI Large Manufacturing Index which was reported at 9.7.
- Australian Credit Card Purchases and Australian Credit Card Balances: Australian Credit Card Purchases for January were reported at A$26.5B and Australian Credit Card Balances at A$51.6B. Forex traders can compare this to Australian Credit Card Purchases for December which were reported at A$27.9B and to Australian Credit Card Balances which were reported at A$52.9B.
- Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for February increased by 39.5% annualized. Forex traders can compare this to Japanese Machine Tool Orders for January which increased by 48.8% annualized.
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of March 9th were reported at CHF575.9B and Swiss Domestic Sight Deposits were reported at CHF464.3B. Forex traders can compare this to Swiss Total Sight Deposits for the week of March 2nd which were reported at CHF576.0B and to Swiss Domestic Sight Deposits which were reported at CHF458.3B.
- US Monthly Budget Statement: The US Monthly Budget Statement for February is predicted at -$216.0B. Forex traders can compare this to the US Monthly Budget Statement for January which was reported at -$192.0B.
Should price action for Gold remain inside the or breakout above the 1,312.50 to 1,328.70 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,320.00
- Take Profit Zone: 1,361.50 – 1,365.80
- Stop Loss Level: 1,311.00
Should price action for Gold breakdown below 1,312.50 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,307.00
- Take Profit Zone: 1,286.50 – 1,290.50
- Stop Loss Level: 1,320.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
