Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Bank Lending for November came in at S$792.9 billion. Forex traders can compare this to Singapore Bank Lending for October, reported at S$791.5 billion.
Singapore Export Prices for November decreased by 3.7% annualized, and Singapore Import Prices contracted by 1.0% annualized. Forex traders can compare this to Singapore Export Prices for October, which dropped 3.0% annualized, and Singapore Import Prices, which decreased 0.6% annualized. The Singapore PPI for November contracted by 2.8% annualized. Forex traders can compare this to the Singapore PPI for October, which dropped 2.3% annualized.
South African M3 Money Supply for November rose by 5.46% annualized. Economists predicted an increase of 5.90%. Forex traders can compare this to South African M3 Money Supply for October, which accelerated by 6.08% annualized. Private Sector Credit for November expanded by 3.84% annualized. Economists predicted an increase of 4.35%. Forex traders can compare this to Private Sector Credit for October, which rose by 3.94% annualized.
UK Nationwide House Prices for December came in flat at 0.0% monthly and dropped by 1.8% annualized. Economists predicted a flat reading of 0.0% and a contraction of 1.4%. Forex traders can compare this to UK Nationwide House Prices for November, which rose 0.2% monthly and decreased 2.0% annualized.
The Swiss KOF Leading Indicator for December is predicted at 97.0. Forex traders can compare this to the Swiss KOF Leading Indicator for November, reported at 96.7.
The Preliminary Spanish CPI for December is predicted to rise by 0.3% monthly and 3.4% annualized. Forex traders can compare this to the Spanish CPI for November, which decreased by 0.3% monthly and expanded by 3.2% annualized. The Spanish Harmonized CPI for December is predicted to rise 0.3% monthly and 3.6% annualized. Forex traders can compare this to the Spanish Harmonized CPI for November, which contracted by 0.5% monthly and increased by 3.3% annualized.
The South African Trade Balance for November is predicted at $5.80B. Forex traders can compare this to the South African Trade Balance for October, reported at -$12.66B. The South African Budget Balance for November is predicted at -$17.05B. Forex traders can compare this to the South African Budget Balance for October, reported at -$41.23B.
The US Chicago PMI for December is predicted at 51.0. Forex traders can compare this to the US Chicago PMI for November, reported at 55.8.
The forecast for the XAU/USD remains bullish, and a pending bullish crossover between the Tenkan-sen and Kijun-sen can provide the next upside catalyst. The Ichimoku Kinko Hyo Cloud flatlined, but it shows a gradual shift higher. Traders should monitor the CCI in extreme overbought territory, where a breakdown below 100 could interrupt the uptrend. This technical indicator should remain above zero and is likely to accelerate following a pause. Can bulls maintain control over the XAU/USD and drive gold to new all-time highs in 2024? 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 2,052.15 to 2,088.40 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2,073.00
- Take Profit Zone: 2,145.00 – 2,200.00
- Stop Loss Level: 2,027.65
Should price action for XAU/USD breakdown below 2,052.15, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 2,027.65
- Take Profit Zone: 1,972.85 – 2,000.00
- Stop Loss Level: 2,052.15
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