Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Rightmove House Prices for March rose 2.1% monthly. Forex traders can compare this to UK Rightmove House Prices for February, which increased by 0.8% monthly.
The Singapore CPI for March increased by 5.5% annualized. Economists predicted an increase of 5.6%. Forex traders can compare this to the Singapore CPI for February, which surged 6.3% annualized. The Singapore Core CPI for March expanded by 5.0% annualized. Economists predicted an increase of 5.1%. Forex traders can compare this to the Singapore Core CPI for February, which rose 5.5% annualized.
The German IFO Business Climate Index for April is predicted at 94.0, the German IFO Current Assessment Index at 96.0, and the German IFO Expectations Index at 91.5. Forex traders can compare this to the German IFO Business Climate Index for March, reported at 93.3, the German IFO Current Assessment Index at 95.4, and the German IFO Expectations Index at 91.2.
The US Chicago Fed National Activity Index for March is predicted at -0.02. Forex traders can compare this to the US Chicago Fed National Activity Index for February, reported at -0.19.
The Canadian New Housing Price Index for March is predicted to decrease by 0.5%. Forex traders can compare this to the Canadian New Housing Price Index for February, which dropped 0.2% monthly.
Canadian Wholesale Trade Sales for March are predicted to increase by 0.3% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for February, which plunged 1.7% monthly.
The US Dallas Fed Manufacturing Index for April was reported at -14.6. Forex traders can compare this to the US Dallas Fed Manufacturing Index for March, reported at -15.7.
The forecast for silver remains cautiously bullish after this precious metal retreated from its 2023 peak. Price action is currently trading above its ascending Kijun-sen but below its flat Tenkan-sen, and short-term volatility could increase. Adding to upside pressures is the ascending Ichimoku Kinko Hyo Cloud, with the Senkou Span A and the Senkou Span B moving higher, confirming a solid long-term uptrend. Traders should also monitor the CCI following its double breakdown after recording a higher high from extreme overbought territory and below zero. This technical indicator may test the upper band of extreme oversold territory from where it could bounce higher and initiate the next rally. Can bulls overpower bears and take control over silver to push price action into its horizontal resistance level and fresh 2023 highs?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 24.550 to 25.250 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 24.800
- Take Profit Zone: 26.050– 26.900
- Stop Loss Level: 24.150
Should price action for Silver breakdown below 24.550, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 24.150
- Take Profit Zone:23.300 – 23.650
- Stop Loss Level: 24.550
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
