Daily Analysis For GOLD (XAU/USD) 01-05-2023

Daily Analysis For GOLD (XAU/USD) 01-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - The price of gold (XAU/USD) is currently declining towards a significant support level as negative market sentiment boosts demand for the US dollar, causing the price of the precious metal to fall. At present, XAU/USD is trading near its intraday low of around $1,986 as investors remain anxious about the First Republic Bank and await the Federal Reserve's upcoming policy decisions, particularly in light of recent indications of higher US inflation.

Buy Scenario: - The price of gold is currently trading within a range of approximately $30.00, consolidating the gains made from early March to mid-April. The price of XAU/USD is finding support near the $1,980 level, where a six-week-old trend line intersects with the 200-bar Simple Moving Average (SMA). On the other hand, an obstacle to immediate price recovery is represented by a two-week-old downward-sloping resistance line that is currently near $2,007.
The Moving Average Convergence and Divergence (MACD) indicator is showing sluggish signals, and the Relative Strength Index (RSI) line, placed at 14, is holding steady. This suggests that the price of gold may continue to move sideways.
If the XAU/USD bulls manage to overcome the immediate resistance levels at $2,007, they will face multiple hurdles at $2,010 and $2,030 before reaching the recent high of almost $2,050. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the other hand, a downside break of the $1,980 support level would need confirmation from the late March swing low around $1,935 before signaling the arrival of the Gold bears. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 1979.11-R1 1997.90
S2 1968.30-R2 2005.88
S3 1960.32-R3 2016.69


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