Here are the key factors to keep in mind today for Gold trades:
- New Zealand ANZ Consumer Confidence: New Zealand ANZ Consumer Confidence for March decreased by 1.7% monthly to 125.2. Forex traders can compare this to New Zealand ANZ Consumer Confidence for February which decreased by 1.0% monthly to 127.4.
- Eurozone Trade Balance: The Eurozone Trade Balance for January was reported at -€0.6B and the Seasonally Adjusted Eurozone Trade Balance at €15.7B. Economists predicted a figure of €19.0B and €22.0B. Forex traders can compare this to the Eurozone Trade Balance for December which was reported at €23.1B and to the Seasonally Adjusted Eurozone Trade Balance which was reported at €23.1B.
- Eurozone Construction Output: Eurozone Construction Output for January decreased by 2.3% monthly and by 6.2% annualized. Forex traders can compare this to Eurozone Construction Output for December which decreased by 0.2% monthly and which increased by 3.2% annualized.
- Canadian Manufacturing Shipments: Canadian Manufacturing Shipments for January are predicted to decrease by 0.5% monthly. Forex traders can compare this to Canadian Manufacturing Shipments for December which increased by 2.3% monthly.
- US Industrial Production and Manufacturing Production: US Industrial Production for February is predicted to increase by 0.2% monthly and US Manufacturing Production by 0.3% monthly. Forex traders can compare this to US Industrial Production for January which decreased by 0.3% monthly and to US Manufacturing Production which increased by 0.2% monthly. Capacity Utilization for February is predicted at 75.5%. Forex traders can compare this to Capacity Utilization for January which was reported at 75.3%.
- US Michigan Consumer Confidence: US Michigan Consumer Confidence for March is predicted at 97.0. Forex traders can compare this to US Michigan Consumer Confidence for February which was reported at 96.3.
- US Leading Indicators: US Leading Indicators for February are predicted to increase by 0.4% monthly. Forex traders can compare this to US Leading Indicators for January which increased by 0.6% monthly.
Should price action for Gold remain inside the or breakout above the 1,227.00 to 1,233.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,230.00
- Take Profit Zone: 1,300.00 – 1,305.00
- Stop Loss Level: 1,192.00
Should price action for Gold breakdown below 1,227.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,222.00
- Take Profit Zone: 1,172.00 – 1,177.00
- Stop Loss Level: 1,233.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
