Source: PaxForex Premium Analytics Portal, Fundamental Insight
Japanese Average Cash Earnings for November increased by 0.2% annualized and Japanese Overtime Pay by 0.9% annualized. Forex traders can compare this to Japanese Average Cash Earnings for October, which rose by 1.5% annualized, and Japanese Overtime Pay, which decreased by 0.1% annualized.
The Australian Monthly CPI Indicator for November increased by 4.3% annualized. Economists predicted a rise of 4.4%. Forex Traders can compare this to the Australian Monthly CPI Indicator for October, which surged 4.9% annualized.
French Industrial Production for November is predicted flat at 0.0% monthly. Forex traders can compare this to French Industrial Production for October, which decreased 0.3% monthly.
Chinese New Yuan Loans for December are predicted at CNY 1,400.0B and Chinese Total Social Financing at CNY 2,200.0B. Forex traders can compare this to Chinese New Yuan Loans for November, reported at CNY 1,090.0B, and Chinese Total Social Financing at CNY 2,450.0B. Chinese M2 Money Supply for December is predicted to increase by 10.1% and Outstanding Loan Growth by 10.8%. Forex traders can compare this to Chinese M2 Money Supply for November, which rose by 10.0%, and Outstanding Loan Growth by 10.8%.
Italian Retail Sales for November are predicted to increase by 0.2% monthly. Forex traders can compare this to Italian Retail Sales for October, which rose by 0.4% monthly.
US Final Wholesale Inventories for November are predicted to decrease by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for October, which contracted 0.4% monthly.
US Crude Oil Inventories Change for the week ending January 5th are predicted at -0.675M. Traders can compare this to US Crude Oil Inventories Change for the week ending December 29th, reported at -5.503M. US Gasoline Inventories Change for the week ending January 5th are predicted at 2.489M, and US Distillate Stocks Change at 2.382M. Traders can compare this to US Gasoline Inventories Change for the week ending December 29th, reported at 10.900M, and US Distillate Stocks Change at 10.090M.
The forecast for silver remains bullish following a minor correction into its horizontal support area. Volatility may rise after the Kijun-sen and the Tenkan-sen flatlined, but the ascending Ichimoku Kinko Hyo Cloud continues to provide upside momentum. Traders should also monitor the CCI following its breakout from extreme oversold territory. This technical indicator has plenty of upside potential and can pressure price action higher. Can bulls maintain control over silver and push this precious metal into its horizontal resistance area? 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 22.500 to 23.200 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 22.850
- Take Profit Zone: 24.600– 25.250
- Stop Loss Level: 22.200
Should price action for Silver breakdown below 22.500, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 22.200
- Take Profit Zone: 20.700 – 21.400
- Stop Loss Level: 22.500
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