Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Retail Sales for April increased by 0.1% monthly. Economists predicted a rise of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for March, which decreased 0.4% monthly.
The UK CBI Distributive Trades Survey for May is predicted at -24. Forex traders can compare this to the UK CBI Distributive Trades Survey for April, reported at -44.
The Canadian Industrial Product Price Index for April is predicted to increase by 0.8% monthly, and the Canadian Raw Materials Price Index is predicted to rise by 3.1% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for March, which expanded by 0.8% monthly, and to the Canadian Raw Materials Price Index, which accelerated by 4.7% monthly.
The US House Price Index for March is predicted to increase by 0.5% monthly. Forex traders can compare this to the US House Price Index for February, which rose by 1.2% monthly.
The US S&P/Case-Shiller Composite 20 for March is predicted to rise 7.30% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for February, which accelerated by 7.30% annualized.
US Consumer Confidence for May is predicted at 96.0. Forex traders can compare this to US Consumer Confidence for April, reported at 97.0.
The forecast for gold remains bullish after this precious metal bounced off the ascending Senkou Span of the upward-moving Ichimoku Kinko Hyo Cloud. Short-term volatility could increase with the Tenkan-sen and the Kijun-sen flat following a bullish crossover. Traders should also monitor the CCI after completing a double breakdown from extreme oversold territory and below zero. This technical indicator could use extreme oversold conditions as a springboard for the next advance with plenty of upside potential. Can bulls regain control over the XAU/USD and push price action into its horizontal resistance area and fresh 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 2,332.00 to 2,363.00 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2,351.00
- Take Profit Zone: 2,467.00 – 2,505.00
- Stop Loss Level: 2,304.00
Should price action for XAU/USD breakdown below 2,332.00, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 2,304.00
- Take Profit Zone: 2,268.00 – 2,289.00
- Stop Loss Level: 2,332.00
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