Source: PaxForex Premium Analytics Portal, Fundamental Insight

The Final Japanese Leading Index for January came in at 109.5, and the Final Japanese Coincident Index at 112.1. Forex traders can compare this to the Japanese Leading Index for December, reported at 109.9, and to the Japanese Coincident Index at 115.9.

The Singapore CPI for February increased by 1.1% monthly and 3.4% annualized. Economists predicted a rise of 0.3% and 3.3%. Forex traders can compare this to the Singapore CPI for January, which decreased 0.7% monthly and expanded 2.9% annualized. The Singapore Core CPI for February expanded by 3.6% annualized. Economists predicted an increase of 3.4%. Forex traders can compare this to the Singapore Core CPI for January, which rose 3.1% annualized.

The UK CBI Distributive Trades Survey for March is predicted at -13. Forex traders can compare this to the UK CBI Distributive Trades Survey for February, reported at -7.

US Final Building Permits for February are predicted to increase by 1.9% monthly to 1.518M permits. Forex traders can compare this to US Final Building Permits for January, which decreased by 0.3% monthly to 1.489M permits.

US New Home Sales for February are predicted at 675K new homes. Forex traders can compare this to US New Home Sales for January, reported at 661K new homes.

Traders will start the new trading week with an uneventful economic calendar, which could extend the sell-off in financial markets from Friday. The focus could be China enforcing a phase-out and subsequent ban of Intel and AMD chips from government systems while also ringfencing Windows and other foreign-made database software. It could boost safe-haven assets and drive silver prices higher this week.

The forecast for silver remains bullish after this precious metal paused its previous rally and stabilized at its horizontal support area. Short-term volatility could increase with price action trading below its ascending Tenkan-sen but above its flat Kijun-sen. Adding to the upside momentum is the Ichimoku Kinko Hyo Cloud, with the Senkou Span A and the Senkou Span B moving higher. Traders should also monitor the CCI after a negative divergence in extreme overbought territory has resulted in a breakdown. This technical indicator could temporarily move below zero before reversing and leading the XAG/USD to frteah highs. Can bulls regain control over price action 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 24.400 to 24.900 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 24.650
• Take Profit Zone: 25.800– 26.300
• Stop Loss Level: 24.100

Should price action for Silver breakdown below 24.400, PaxForex recommends the following trade set-up:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 24.100
• Take Profit Zone:23.250 – 23.600
• Stop Loss Level: 24.400

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.