Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Chinese 1-Year Loan Prime Rate for April was reported at 3.45%, and the Chinese 5-Year Loan Prime Rate at 3.95%. Economists predicted a figure of 3.45% and 3.95%. Forex traders can compare this to the previous Chinese 1-Year Loan Prime Rate for March, reported at 3.45%, and the Chinese 5-Year Loan Prime Rate reported at 3.95%.
New Zealand Credit Card Spending for March decreased by 1.4% annualized. Forex traders can compare this to New Zealand Credit Card Spending for February, which increased 2.1% annualized.
UK CBI Industrial Industrial Trends Orders for April are predicted at -15. Forex traders can compare this to CBI Industrial Trends Orders for March, reported at -18.
The Canadian Industrial Product Price Index for March is predicted to increase by 0.8% monthly, and the Canadian Raw Materials Price Index is predicted to rise by 2.9% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for February, which expanded by 0.7% monthly, and to the Canadian Raw Materials Price Index, which accelerated by 2.1% monthly.
The Canadian New Housing Price Index for March is predicted to increase by 0.1% monthly. Forex traders can compare this to the Canadian New Housing Price Index for February, which dropped 0.1% monthly.
Preliminary Eurozone Consumer Confidence for April is predicted at -14.0. Forex traders can compare this to Eurozone Consumer Confidence for March, reported at -14.9.
The new trading week will start quietly with little economic data set to impact price action. It could lead to a continuation of trends from the previous week. Inflation remains the dominant concern, with markets pushing back interest rate cuts by the US Fed to September. The Bitcoin halving even resulted in a non-event.
The forecast for silver remains bullish after this precious metal and safe-haven asset retreated from its all-time high into its horizontal support area. Short-term volatility may increase with price action trading above its flat Kijun-sen but below its flat Tenkan-sen. The ascending Ichimoku Kinko Hyo Cloud, with the upward-moving Senkou Span A and Senkou Span B, provides longer-term upside momentum. Traders should also monitor the CCI after completing a breakdown from extreme overbought territory. This technical indicator could temporarily move below zero, but a breakout above it could trigger the next leg higher. Can bulls regain control over silver and pressure this precious metal into its horizontal resistance area and a fresh all-time high? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for Silver remain inside the or breakout above the 27.500 to 28.250 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 27.850
- Take Profit Zone: 29.800– 30.500
- Stop Loss Level: 26.9500
Should price action for Silver breakdown below 27.500, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 26.950
- Take Profit Zone: 25.750 – 26.100
- Stop Loss Level: 27.500
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