Source: PaxForex Premium Analytics Portal, Fundamental Insight
German Retail Sales for May are predicted to be flat at 0.0% monthly. Forex traders can compare this to German Retail Sales for April, which dripped 1.2% monthly.
UK Mortgage Approvals for June are predicted at 60.00K. Forex traders can compare this to UK Mortgage Approvals for May, reported at 59.99K.
UK Net Lending to Individuals for June is predicted at £2.200B. Forex traders can compare this to UK Net Lending to Individuals for May, reported at £2.700B.
UK M4 Money Supply for June is predicted to increase by 0.2% monthly. Forex traders can compare this to the UK M4 Money Supply for May, which decreased by 0.1% monthly.
The UK CBI Distributive Trades Survey for July is predicted at -20. Forex traders can compare this to the UK CBI Distributive Trades Survey for June, reported at -24.
The forecast for gold turned bullish after this precious metal stabilized at its horizontal support area and reversed higher. Short-term volatility may rise with price action trading above its flat Kijun-sen but below its flat Tenkan-sen. The Ichimoku Kinko Hyo Cloud adds longer-term upside momentum, with the Senkou Span A and the Senkou Span B moving higher, following a bullish crossover. Traders should also monitor the CCI after setting its second higher low. This technical indicator has more upside potential and a breakout above zero could start the next leg higher. Can bulls regain complete control over the XAU/USD and push gold into its horizontal resistance area, matching all-time highs? 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 2,384.00 to 2,403.00 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2,392.00
- Take Profit Zone: 2,470.00 – 2,505.00
- Stop Loss Level: 2,363.00
Should price action for XAU/USD break down below 2,384.00, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 2,363.00
- Take Profit Zone: 2,298.00 – 2,334.00
- Stop Loss Level: 2,384.00
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