Source: PaxForex Premium Analytics Portal, Fundamental Insight
Preliminary South Korean Industrial Production for April decreased by 1.6% monthly and increased by 12.4% annualized. Economists predicted an increase of 1.5% and 11.2%. Forex traders can compare this to South Korean Industrial Production for March, which decreased by 0.9% monthly and increased by 4.4% annualized. South Korean Retail Sales for April decreased by 2.3% monthly and increased by 8.6% annualized. Forex traders can compare this to Japanese Retail Sales for March, which increased by 2.3% monthly and 10.9% annualized.
Preliminary Japanese Industrial Production for April increased by 2.5% monthly and 15.4% annualized. Forex traders can compare this to Japanese Industrial Production for March, which increased by 1.7% monthly and by 3.4% annualized. Japanese Retail Sales for April decreased by 4.5% monthly and increased by 12.0% annualized. Forex traders can compare this to Japanese Retail Sales for March, which increased by 1.2% monthly and 5.2% annualized.
he Chinese Non-Manufacturing PMI for May was reported at 55.2 and the Chinese Manufacturing PMI at 51.0. Forex traders can compare this to the Chinese Non-Manufacturing PMI for April, reported at 54.9, and the Chinese Manufacturing PMI reported at 51.1. The Chinese Composite PMI for May was reported at 54.2. Forex traders can compare this to the Chinese Composite PMI for April, reported at 53.8.
The forecast for the GOLD/USD remains bullish, but a minor sell-off may precede the next advance. Price action shows signs of a temporary top with the Kijun-sen, and the Tenkan-sen flatlined. The medium-to-long-term trend suggests more upside with the Ichimoku Kinko Hyo Cloud ascending. Gold is likely to break out above the 2,000 resistance level and seek new all-time highs in 2021, amid a surge in inflation, which may persist beyond central banker predictions and hopes. Can bulls maintain the uptrend in the GOLD/USD and force this precious metal into its next horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for GOLD/USD remain inside the or breakout above the 1,888.15 to 1,912.50 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,905.00
- Take Profit Zone: 2,035.00 – 2,075.00
- Stop Loss Level: 1,872.60
Should price action for GOLD/USD breakdown below 1,888.15, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,872.60
- Take Profit Zone: 1,808.80 – 1,834.75
- Stop Loss Level: 1,888.15
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