Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Business PMI for December came in at 43.1. Forex traders can compare this to the New Zealand Business PMI for November, reported at 46.5.
New Zealand Permanent/Long-Term Migration for November came in at 2,740. Forex traders can compare this to Permanent/Long-Term Migration for October, reported at 9,090. External Migration & Visitors for November surged 30.4% monthly. Forex traders can compare this to External Migration & Visitors for October, which sky-rocketed 39.8% monthly. Visitor Arrivals for November decreased by 1.5% monthly. Forex traders can compare this to Visitor Arrivals for October, which plunged 6.7% monthly.
The Japanese National CPI for December decreased by 0.1% monthly and increased by 2.6% annualized. Forex traders can compare this to the Japanese National CPI for November, which contracted by 0.2% monthly and expanded by 2.8% annualized. The Japanese National Core CPI for December increased by 2.3% annualized. Economists predicted a rise of 2.3% annualized. Forex traders can compare this to the Japanese National Core CPI for November, which expanded by 2.5% annualized.
UK Retail Sales for December contracted by 3.2% monthly and 2.4% annualized. Economists predicted a decrease of 0.5% and a rise of 1.1%. Forex traders can compare this to UK Retail Sales for November, which expanded by 1.4% monthly and 0.2% annualized. UK Core Retail Sales for December increased by 3.3% monthly and 2.1% annualized. Economists predicted a drop of 0.6% and a rise of 1.3%. Forex traders can compare this to UK Core Retail Sales for November, which rose by 1.5% monthly and 0.5% annualized.
The German PPI for December decreased by 1.2% monthly and plunged by 8.6% annualized. Economists predicted a decrease of 0.5% and 8.0%. Forex traders can compare this to the German PPI for November, which contracted by 0.5% monthly and collapsed by 7.9% annualized.
Canadian Retail Sales for November are predicted flat at 0.0% monthly, and Canadian Core Retail Sales to decrease by 0.1% monthly. Forex traders can compare this to Canadian Retail Sales for October, which rose by 0.7% monthly, and Canadian Core Retail Sales, which increased by 0.6% monthly.
US Existing Home Sales for December are predicted at 3.82M. Forex traders can compare this to US Existing Home Sales for November, reported at 3.82M.
The forecast for gold remains bullish, with price action trading at its horizontal support area above the psychologically important 2,000 level and with the Ichimoku Kinko Hyo Cloud providing upside momentum. Volatility may rise after the Tenkan-sen and the Kijun-se have flatlined. Traders should also monitor the CCI following its breakout from extreme overbought territory. Can bulls power gold into its horizontal resistance area? 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 2,013.00 to 2,032.00 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2,024.00
- Take Profit Zone: 2,124.00 – 2,147.00
- Stop Loss Level: 1,995.00
Should price action for XAU/USD breakdown below 2,013.00, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,995.00
- Take Profit Zone: 1,962.00 – 1,973.00
- Stop Loss Level: 2,013.00
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