Here are the key factors to keep in mind today for Gold trades:
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for February is predicted at -$66.6B. Forex traders can compare this to the US Advanced Goods Trade Balance for January which was reported at -$69.2B.
- US Wholesale Inventories: US Wholesale Inventories for February are predicted to increase by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for January which decreased by 0.2% monthly.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for January is predicted to increase by 0.70% monthly and by 5.60% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for December which increased by 0.90% monthly and which increased by 5.60% annualized.
- US Consumer Confidence: US Consumer Confidence for March is predicted at 114.0. Forex traders can compare this to US Consumer Confidence for February which was reported at 114.8.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for March is predicted at 15. Forex traders can compare this to the US Richmond Fed Manufacturing Index for February which was reported at 17.
Should price action for Gold remain inside the or breakout above the 1,252.00 to 1,257.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,253.00
- Take Profit Zone: 1,302.00 – 1,307.00
- Stop Loss Level: 1,238.00
Should price action for Gold breakdown below 1,252.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,247.00
- Take Profit Zone: 1,195.00 – 1,202.00
- Stop Loss Level: 1,257.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
