Source: PaxForex Premium Analytics Portal, Fundamental Insight
Foreign Buying of Japanese Bonds for the period ending December 24th came in at -¥459.5B, and Foreigners Buying of Japanese Stocks at -¥265.1B. Forex traders can compare this to Foreign Buying of Japanese Bonds for the period ending December 17th, reported at -¥941.4B, and Foreigners Buying of Japanese Stocks at -¥668.8B.
The UK BRC Shop Price Index for December increased by 7.3% annualized. Forex traders can compare this to the UK BRC Shop Price Index for November, which rose by 7.4% annualized.
The Final Japanese Jibun Bank Manufacturing PMI for December came in at 48.9. Economists predicted a figure of 48.8. Forex traders can compare this to the Japanese Jibun Bank Manufacturing PMI for November, reported at 49.0.
The German Import Price Index for November is predicted to decrease by 1.6% monthly and surge by 18.0% annualized. Forex traders can compare this to the German Import Price Index for October, which dropped by 1.0% monthly and sky-rocketed by 23.5% annualized.
The Swiss CPI for December is predicted to decrease by 0.2% monthly and increase by 2.9% annualized. Forex traders can compare this to the Swiss CPI for November, which rose by 0.1% monthly and 3.0% annualized.
French Consumer Confidence for December is predicted at 84. Forex traders can compare this to French Consumer Confidence for November, reported at 83.
The Preliminary French CPI for December is predicted to rise by 0.4% monthly and by 6.4% annualized. Forex traders can compare this to the French CPI for November, which increased by 0.3% monthly and by 6.2% annualized. The French Harmonized CPI for December is predicted to rise by 0.3% monthly and 7.2% annualized. Forex traders can compare this to the French Harmonized CPI for November, which increased by 0.4% monthly and 7.1% annualized.
The Spanish S&P Global Services PMI for December is predicted at 50.8. Forex traders can compare this to the Spanish S&P Global Services PMI for November, reported at 51.2.
The Italian S&P Global Services PMI for December is predicted at 49.5. Forex traders can compare this to the Italian S&P Global Services PMI for November, reported at 49.5.
The Final French S&P Global Services PMI for December is predicted at 48.1, and the Final French S&P Global Composite PMI at 48.0. Forex traders can compare this to the French S&P Global Services PMI for November, reported at 49.3, and the French S&P Global Composite PMI at 48.7.
The Final German S&P Global Services PMI for December is predicted at 49.0, and the Final German S&P Global/BME Composite PMI at 48.9. Forex traders can compare this to the German S&P Global Services PMI for November, reported at 46.1, and the German S&P Global/BME Composite PMI, at 46.3.
The Final Eurozone S&P Global Services PMI for December is predicted at 49.1, and the Final Eurozone S&P Global Composite PMI at 48.8. Forex traders can compare this to the Eurozone S&P Global Services PMI for November, reported at 48.5, and the Eurozone S&P Global Composite PMI at 47.8.
UK Mortgage Approvals for November are predicted at 55.00K. Forex traders can compare this to UK Mortgage Approvals for October, reported at 58.98K.
UK Net Consumer Credit for November is predicted at £0.900B, and Net Mortgage Lending at £3.700B. Forex traders can compare this to UK Net Consumer Credit for October, reported at £0.769B, and Net Mortgage Lending at £3.966B.
The US ISM Manufacturing Index for December is predicted at 48.5, and ISM Prices Paid at 42.6. Forex traders can compare this to the US ISM Manufacturing Index for November, reported at 49.0, and ISM Prices Paid at 43.0.
US JOLTS Job Openings for November are predicted at 10.000M. Forex traders can compare this to US JOLTS Job Openings for October, reported at 10.334M.
The forecast for gold is bullish throughout 2023 as global recession fears increase, inflation is high, and central banks tighten monetary policy. The ascending Ichimoku Kinko Hyo Cloud provides long-term upside momentum and acts as support during minor pullbacks. Volatility could increase in the short term with the Kijun-sen and the Tenkan-sen flat. Traders should monitor the CCI in extreme overbought territory and wait for an expected pullback below 100. This technical indicator may correct towards the zero level from where it can bounce higher, offering a buy signal. Can bulls withstand short-term bearishness and maintain control over price action in gold, pushing it 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 1,823.65 to 1,857.30 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,845.00
- Take Profit Zone: 1,925.00 – 1,945.00
- Stop Loss Level: 1,794.60
Should price action for XAU/USD breakdown below 1,823.65, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,794.60
- Take Profit Zone: 1,711.20 – 1,745.80
- Stop Loss Level: 1,823.65
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