Daily Analysis For GOLD (XAU/USD) 18-05-2023

Daily Analysis For GOLD (XAU/USD) 18-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Imports YoYLowJPY
00:50(Japan) Exports YoYMediumJPY
00:50(Japan) Balance of TradeHighJPY
01:00(Austria) Ascension DayNoneEUR
01:00(Belgium) Ascension DayNoneEUR
01:00(Euro Area) Ascension DayNoneEUR
01:00(Finland) Ascension DayNoneEUR
01:00(France) Ascension DayNoneEUR
01:00(Germany) Ascension DayNoneEUR
01:00(Luxembourg) Ascension DayNoneEUR
01:00(Netherlands) Ascension DayNoneEUR
01:00(Switzerland) Ascension DayNoneCHF
02:30(Australia) Part Time Employment ChgMediumAUD
02:30(Australia) Participation RateLowAUD
02:30(Australia) Full Time Employment ChgMediumAUD
02:30(Australia) Unemployment RateHighAUD
02:30(Australia) Employment ChangeHighAUD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:35(Japan) 52-Week Bill AuctionLowJPY
07:30(Euro Area) ECB Guindos SpeechHighEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) Obligacion AuctionLowEUR
09:40(Spain) 5-Year Bonos AuctionLowEUR
10:00(Euro Area) ECB President Lagarde SpeechMediumEUR
11:00(Portugal) PPI MoMLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Slovakia) Unemployment RateLowEUR
11:30(Portugal) Private Consumption YoYLowEUR
11:30(Portugal) Economic Activity YoYLowEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(Canada) New Housing Price Index MoMMediumCAD
14:05(United States) Fed Jefferson SpeechMediumUSD
14:30(United States) Fed Barr TestimonyMediumUSD
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
15:00(United States) Fed Logan SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) 10-Year TIPS AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD
23:45(New Zealand) Balance of TradeMediumNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) ImportsLowNZD
Today's Scenario: - Gold price (XAU/USD) is holding onto slight gains around $1,985 as it rebounds from its lowest levels in three weeks. The recent downtrend has halted for now, thanks to the US Dollar's struggle to extend its recent rally to multi-day highs. Market sentiment remains mixed due to concerns over the US default situation and worries about declining retail sales in the US.
US President Joe Biden and House Speaker Kevin McCarthy's efforts to assure the markets that they will work together to prevent a "catastrophic" default have helped boost risk appetite and supported the US Dollar. The greenback's strength has also been influenced by mostly positive US data and hawkish comments from Federal Reserve officials.
Buy Scenario: - Gold price (XAU/USD) has rebounded from a three-week low, supported by oversold conditions indicated by the RSI (14) and bullish signals from the MACD. However, the bulls are facing strong resistance around $1,995, where the 50-hour moving average and the support-turned-resistance line from April 27 converge.
Even if XAU/USD manages to surpass $1,995, further hurdles await at the psychological level of $2,000 and the previous resistance line from May 3, around $2,010. Till we did not advise to buy XAU/USD.
Selling Scenario: - On the downside, a sustained pullback in Gold price is unlikely unless it breaks below the horizontal support area established over the past three weeks, roughly between $1,975 and $1,974.
Additional support levels can be found near the mid-April low around $1,969 and the previous monthly bottom around $1,950.
In summary, the Gold price recovery remains limited below $2,010. We do not advise selling XAU/USD.
Support and Resistance Level: -
SupportResistance
S1 1973.60-R1 1991.66
S2 1965.30-R2 2001.42
S3 1955.54-R3 2009.72

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