Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Retail Sales for August rose 0.6% monthly. Economists predicted an increase of 0.4% monthly. Forex traders can compare this to Australian Retail Sales for July, which increased 1.3% monthly.
The Final Japanese Leading Index for July came in at 98.9, and the Final Japanese Coincident Index at 100.1. Forex traders can compare this to the Japanese Leading Index for June, reported at 100.3, and to the Japanese Coincident Index at 99.2.
The German GfK Consumer Confidence Survey for October is predicted at -39.0. Forex traders can compare this to the German GfK Consumer Confidence Survey for September, reported at -36.5.
French Consumer Confidence for September is predicted at 80. Forex traders can compare this to French Consumer Confidence for August, reported at 82.
Italian Business Confidence for September is predicted at 102.1, and Italian Consumer Confidence is predicted at 95.1. Forex traders can compare this to Italian Business Confidence for August, reported at 104.3, and Italian Consumer Confidence, reported at 98.3.
US Pending Home Sales for August are predicted to drop 1.4% monthly. Forex traders can compare this to US Pending Home Sales for July, which decreased 1.0% monthly.
US Crude Oil Inventories for the week ending September 23rd are predicted at 0.443M. Traders can compare this to US Crude Oil Inventories for the week ending September 16th, reported at 1.142M. US Gasoline Inventories for the week ending September 23rd are predicted at 0.709M and US Distillate Stocks at -0.069M. Traders can compare this to US Gasoline Inventories for the week ending September 16th, reported at 1.569M, and US Distillate Stocks at 1.231M.
The forecast for silver is bullish after this precious metal moved down into the upper range of its horizontal support area. Adding to the bullish outlook is the narrowing and upward drifting Ichimoku Kinko Hyo Cloud, with the ascending Senkou Span A approaching a bullish crossover above its flat Senkou Span B. The Kijun-sen remains flat, and the Tenkan-sen drifts lower, suggesting volatility could increase as a false bearish crossover could disrupt price action in the short term before silver can move higher. Traders should monitor the CCI after it has reached extreme oversold territory. A breakout above -100 will deliver the final buy signal and may spark an overdue short-covering rally. Can bulls overpower bears and push silver 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 17.550 to 18.400 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 18.100
- Take Profit Zone: 20.300– 20.850
- Stop Loss Level: 17.350
Should price action for Silver breakdown below 17.550, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 17.350
- Take Profit Zone:16.200 – 16.950
- Stop Loss Level: 18.100
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