Here are the key factors to keep in mind today for Gold trades:
- Australian TD Securities Inflation: Australian TD Securities Inflation for February decreased by 0.3% monthly and by 2.1% annualized. Forex traders can compare this to Australian TD Securities Inflation for January which increased by 0.6% monthly and by 2.1% annualized.
- Australian Retail Sales: Australian Retail Sales for January increased by 0.4% monthly. Economists predicted an increase of 0.4% monthly. Forex traders can compare this to Australian Retail Sales for December which decreased by 0.1% monthly.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for February decreased by 0.7% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for January which increased by 3.9% monthly.
- German Markit Construction PMI: The German Markit Construction PMI for February was reported at 54.1. Forex traders can compare this to the German Markit Construction PMI for January which was reported at 52.0.
- Eurozone Markit Retail PMI: The Eurozone Markit Retail PMI for February was reported at 49.9. Forex traders can compare this to the Eurozone Markit Retail PMI for January which was reported at 50.1.
- Eurozone Sentix Investor Confidence: The Eurozone Sentix Investor Confidence for March was reported at 20.7. Economists predicted a figure of 18.5. Forex traders can compare this to the Eurozone Sentix Investor Confidence for August which was reported at 17.4.
- US Factory Orders: US Factory Orders for January are predicted to increase by 1.0%. Forex traders can compare this to US Factory Orders for December which increased by 1.3%.
- US Durable Goods Orders: Final US Durable Goods Orders for January are predicted to increase by 1.0%. Forex traders can compare this to the previous US Durable Goods Orders for January which increased by 1.8%.
Should price action for Gold remain inside the or breakdown below the 1,227.00 to 1,235.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,232.00
- Take Profit Zone: 1,180.00 – 1,190.00
- Stop Loss Level: 1,252.00
Should price action for Gold breakout above 1,235.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,240.00
- Take Profit Zone: 1,300.00 – 1,310.00
- Stop Loss Level: 1,227.00
Open your PaxForex Trading Account now and add this commodity to your portfolio.
