Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Japanese Current Account Balance for May came in at ¥1.862T and the Preliminary Japanese Adjusted Current Account Balance at ¥1.703T. Economists predicted a reading of ¥1.885T and ¥1.200T. Forex traders can compare this to the Japanese Current Account Balance for April, reported at ¥1.895T, and to the Japanese Adjusted Current Account Balance at ¥1.900T.
Japanese Bank Lending for June increased by 3.2% annualized. Economists predicted a rise of 3.6%. Forex traders can compare this to Japanese Bank Lending for May, which rose 3.4% annualized.
Final Australian Building Approvals for May surged by 20.6% monthly and dropped 9.8% annualized. Forex traders can compare this to Australian Building Approvals for April, which contracted by 6.8% monthly and plunged by 18.7% annualized. Final Private House Approvals for May increased by 0.9% monthly. Forex traders can compare this to Private House Approvals for April, which decreased by 3.0% monthly.
The Chinese PPI for June dropped by 5.4% annualized, and the Chinese CPI was flat at 0.0% annualized. Economists predicted a contraction of 5.0% and an expansion of 0.2%. Forex traders can compare this to the Chinese PPI for May, which dropped by 4.6% annualized, and the Chinese CPI, which rose 0.2% annualized.
The Japanese Eco Watchers Survey Current Index for June came in at 53.6, and the Japanese Eco Watchers Survey Outlook Index at 52.8. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for May, reported at 55.0, and the Japanese Eco Watchers Survey Outlook Index at 54.4.
Eurozone Sentix Investor Confidence for July came in at -22.5. Economists predicted a figure of -17.9. Forex traders can compare this to Eurozone Sentix Investor Confidence for June, reported at -17.0.
Canadian Building Permits for May are predicted to surge by 9.6% monthly. Forex traders can compare this to Canadian Building Permits for April, which plunged 18.8% monthly.
US Wholesale Inventories for May are predicted to decrease by 0.1% monthly, and Wholesale Trade Sales to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Inventories for April, which dropped by 0.1% monthly, and US Wholesale Trade Sales, which rose by 0.2% monthly.
The forecast for gold is bullish after this precious metal has stabilized at its horizontal support area. Price action trades above its flat Tenkan-sen and below its descending Kijun-sen, suggesting bulls and bears will fight for control. The Ichimoku Kinko Hyo Cloud trends lower, adding bearish pressures, while the CCI completed a double breakout from extreme oversold territory and above zero, providing bulls with the upper hand. This technical indicator has plenty of upside potential. Can bulls regain complete control over gold and drive price action into its horizontal resistance area and psychological resistance level of 2,000? 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 1,913.90 to 1,932.90 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,923.45
- Take Profit Zone: 1,983.20 – 2,000.00
- Stop Loss Level: 1,902.60
Should price action for XAU/USD breakdown below 1,913.90, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,902.60
- Take Profit Zone: 1,885.65 – 1,892.90
- Stop Loss Level: 1,913.90
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