Here are the key factors to keep in mind today for Gold trades:
- Japanese All Industry Activity Index: The Japanese All Industry Activity Index for January decreased by 0.2% monthly. Economists predicted a decrease of 0.4% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for December which decreased by 0.6% monthly.
- German IFO: The German IFO Business Climate Index for March is predicted at 98.5. Forex traders can compare this to the German IFO Business Climate Index for February which was reported at 98.5. The German IFO Current Assessment Index for March is predicted at 102.9. Forex traders can compare this to the German IFO Current Assessment Index for February which was reported at 103.4. The German IFO Expectations Index for March is predicted at 94.0. Forex traders can compare this to the German IFO Expectations Index for February which was reported at 93.8.
- US Chicago Fed National Activity Index: The US Chicago Fed National Activity Index for February is predicted at 0.25. Forex traders can compare this to the US Chicago Fed National Activity Index for January which was reported at 0.27.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for March is predicted at 9.6. Forex traders can compare this to the US Dallas Fed Manufacturing Index for February which was reported at 13.1.
Should price action for Gold remain inside the or breakout above the 1,314.70 to 1,320.10 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,316.80
- Take Profit Zone: 1,341.25 – 1,346.50
- Stop Loss Level: 1,306.60
Should price action for Gold breakdown below 1,314.70 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,303.20
- Take Profit Zone: 1,280.65 – 1,290.30
- Stop Loss Level: 1,314.70
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
