Japanese Bank Lending including Trusts for March increased by 2.0% annualized and Japanese Bank Lending excluding Trusts increased by 2.2% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for February, which increased by 2.1% annualized and to Japanese Bank Lending excluding Trusts, which increased by 2.2% annualized. The Japanese Domestic Corporate Goods Price Index for March decreased by 0.9% monthly and by 0.4% annualized. Economists predicted a decrease of 0.6% and 0.1%. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for February, which decreased by 0.4% monthly, and which increased 0.8% annualized.
The Chinese PPI for March decreased by 1.5% annualized, and the Chinese CPI increased by 4.3% annualized. Economists predicted a decrease of 1.1% and an increase of 4.9%. Forex traders can compare this to the Chinese PPI for February, which decreased by 0.4% annualized and to the Chinese CPI, which increased by 5.2% annualized.
The US CPI for March is predicted to decrease by 0.3% monthly and to increase by 1.6% annualized. Forex traders can compare this to the US CPI for February, which increased by 0.1% monthly and by 2.3% annualized. The US Core CPI for March is predicted to increase by 0.1% monthly and by 2.3% annualized. Forex traders can compare this to the US Core CPI for February, which increased by 0.2% monthly 2.4% annualized. The US Monthly Budget Statement for March is predicted at -$150.0B. Forex traders can compare this to the US Monthly Budget Statement for February, which was reported at -$235.3B.
Yesterday’s initial jobless claims exceeded expectations for the third week running, taking the total to over 16 million or 10% of the workforce. Canada reported job losses of over 1 million, double what economists predicted in their worst-case models. The XAU/USD received an influx of buy orders and is now on track to test the psychological 1,700 resistance level. Will bulls push through it before the weekend and confirm the forecast? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for XAU/USD remain inside the or breakout above the 1,660.00 to 1,692.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,685.00
- Take Profit Zone: 1,754.00 – 1,774.50
- Stop Loss Level: 1,641.00
Should price action for XAU/USD breakdown below 1,660.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,641.00
- Take Profit Zone: 1,576.90 – 1,586.30
- Stop Loss Level: 1,660.00
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