The New Zealand ANZ Truckometer Heavy Index for February decreased by 3.0% monthly. Forex traders can compare this to the New Zealand ANZ Truckometer Heavy Index for January, which increased by 5.0% monthly. New Zealand Manufacturing Activity for the fourth quarter increased by 2.4% quarterly, and Manufacturing Volume increased by 2.7% quarterly. Forex traders can compare this to New Zealand Manufacturing Activity for the third quarter, which increased by 1.2% quarterly and to Manufacturing Volume, which was reported flat at 0.0% quarterly.
The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of March 8th was reported at 100.4. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of March 1st, which was reported at 104.8. Japanese Money Stock M2+CD for February increased by 3.0% annualized, and the Japanese Money Stock M3 increased by 2.5% annualized. Economists predicted an increase of 2.8% and 2.3%. Forex traders can compare this to Japanese Money Stock M2+CD for January, which increased by 2.8% annualized and to Japanese Money Stock M3, which increased by 2.3% annualized.
UK BRC Like-for-Like Sales for February decreased by 0.4% annualized. Economists predicted an increase of 0.4% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for January, which was reported flat at 0.0% annualized. Australian NAB Business Conditions for February were reported at 0 and Australian NAB Business Confidence at -4. Forex traders can compare this to NAB Business Conditions for January, which were reported at 2 and to Australian NAB Business Confidence, which was reported at -1.
The Chinese PPI for February decreased by 0.4% annualized, and the Chinese CPI increased by 5.2% annualized. Economists predicted a decrease of 0.3% and an increase of 5.2%. Forex traders can compare this to the Chinese PPI for January, which increased by 0.1% annualized and to the Chinese CPI, which increased by 5.4% annualized. Japanese Preliminary Machine Tool Orders for February decreased by 30.1% annualized. Forex traders can compare this to Japanese Machine Tool Orders for January, which decreased by 35.6% annualized.
Italian Industrial Production for January increased by 3.7% monthly and decreased by 0.1% annualized. Economists predicted an increase of 1.6% and a decrease of 3.7%. Forex traders can compare this to Italian Industrial Production for December, which decreased by 2.6% monthly and by 4.4% annualized. Eurozone Employment for the fourth quarter is predicted to increase by 0.3% quarterly and by 1.0% annualized. Forex traders can compare this to Eurozone Employment for the third quarter, which increased by 0.3% quarterly and by 1.0% annualized.
The preliminary Eurozone GDP for the fourth quarter is predicted to increase by 0.1% quarterly and by 0.9% annualized. Forex traders can compare this to the Eurozone GDP for the third quarter, which increased by 0.3% quarterly and by 1.2% annualized. The US NFIB Small Business Optimism Index for February is predicted at 102.9. Forex traders can compare this to the NFIB Small Business Optimism Index for January, which was reported at 104.3.
With Saudi Arabia slashing forward oil prices and the coronavirus raging in over 100 countries, safe-haven assets like Gold are in demand. Yesterday’s session featured the biggest point drop in the Dow Jones Industrial Average, plummeting over 2,000 points. Will bulls continue to push XAU/USD to new 2020 highs as panic has taken hold across financial markets? Will bears take profits at resistance? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for Gold remain inside the or breakout above the 1,650.00 to 1,680.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,661.00
- Take Profit Zone: 1,743.00 – 1,754.00
- Stop Loss Level: 1,633.00
Should price action for Gold breakdown below 1,650.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,633.00
- Take Profit Zone: 1,563.00 – 1,586.30
- Stop Loss Level: 1,650.00
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