Today we will see the USA publishing unemployment and trade balance reports. Analysts expect a decline in the US trade balance deficit while the amount of jobless claims is expected to grow.
China’s macroeconomic stats have raised investors’ concerns. The PPI declined more than expected. China’s industrial production declined as well. Consumer prices increased. The retail sales index failed to come up to expectations. These stats increase the expectations of further economic stimulation by the People’s Bank of China.
Japan can see its industrial orders boosting but less than expected. The CCI declined and turned out worse than expected yesterday. The Bank of Japan has left the key interest rate and the bond purchase program unchanged.
India’s industrial production has dropped for the 3rd time in 4 months. Together with unfavorable weather conditions, which affect Indian crops, this factor promises to be a tough time for the Indian economy. The government and the central bank should interfere and take the situation under control. Otherwise, the national currency will continue devaluing as the import may drop considerably.
Today’s forecast:
According to the Commodity Trading Department of , gold is expected to test 1620. A break and consolidation above 1620.50 will probably trigger a rally up to 1625, 1630, and maybe 1650. Alternatively, if an H1 price bar fails to close above 1620.50, the price will go down to 1614. A break below 1613.50 will give way to 1600.
Silver is expected to test 28.25, 28.50, maybe 28.75 долларов. If an H1 bar fails to close above 28.30 will bring the price down to 28.05-28.0. A break below 28.05 will give way to 27.75, maybe 27.50.
