Here are the key factors to keep in mind today for Gold trades:
- Japanese Jobless Rate and Job-to-Applicant Ratio: The Japanese Jobless Rate for February was reported at 2.5% and the Job-to-Applicant Ratio at 1.58. Economists predicted a figure of 2.6% and of 1.60. Forex traders can compare this to the Japanese Jobless Rate for January which was reported at 2.4% and to the Job-to-Applicant Ratio which was reported at 1.59.
- Japanese Industrial Production: Preliminary Japanese Industrial Production for February increased by 4.1% monthly and by 1.4% annualized. Economists predicted an increase of 5.0% monthly and of 2.3% annualized. Forex traders can compare this to Japanese Industrial Production for January which decreased by 6.8% monthly and which increased by 2.5% annualized.
- Japanese Vehicle Production: Japanese Vehicle Production for February decreased by 0.1% annualized. Forex traders can compare this to Japanese Production Sales for January which decreased by 3.0% annualized.
- Japanese Housing Starts and Construction Orders: Japanese Housing Starts for February decreased by 2.6% annualized to 0.926M units. Economists predicted a decrease of 4.2% annualized to 0.912M units. Forex traders can compare this to Japanese Housing Starts for January which decreased by 13.2% annualized to 0.856M units. Construction Orders for February increased by 19.2% annualized. Forex traders can compare this to Construction Orders for January which increased by 0.9% annualized.
Should price action for Gold remain inside the or breakout above the 1,321.00 to 1,328.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,325.00
- Take Profit Zone: 1,358.00 – 1,365.00
- Stop Loss Level: 1,313.00
Should price action for Gold breakdown below 1,321.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,316.00
- Take Profit Zone: 1,303.00 – 1,307.00
- Stop Loss Level: 1,321.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.