Daily Analysis For GOLD (XAU/USD) 02-05-2023

Daily Analysis For GOLD (XAU/USD) 02-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
01:00(China) May DayNoneCNY
01:00(Montenegro) Labor dayNoneEUR
01:01(Ireland) AIB Manufacturing PMILowEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Australia) RBA Interest Rate DecisionHighAUD
05:30(Netherlands) Inflation Rate YoYMediumEUR
05:30(Netherlands) Business ConfidenceLowEUR
06:00(Netherlands) NEVI Manufacturing PMILowEUR
07:00(United Kingdom) Nationwide Housing Prices YoYMediumGBP
07:00(United Kingdom) Nationwide Housing Prices MoMMediumGBP
07:00(Germany) Retail Sales MoMHighEUR
07:00(Germany) Retail Sales YoYHighEUR
07:00(Lithuania) GDP Growth Rate YoYLowEUR
07:00(Lithuania) GDP Growth Rate QoQLowEUR
08:00(Austria) Inflation Rate YoYLowEUR
08:00(Austria) Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate YoYLowEUR
08:00(Switzerland) Consumer ConfidenceHighCHF
08:15(Spain) S&P Global Manufacturing PMIHighEUR
08:30(Austria) Unemployment RateHighEUR
08:30(Austria) Unemployed PersonsLowEUR
08:30(Switzerland) procure.ch Manufacturing PMIHighCHF
08:45(Italy) S&P Global Manufacturing PMIHighEUR
08:50(France) S&P Global Manufacturing PMIMediumEUR
08:55(Germany) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) Loans to Households YoYLowEUR
09:00(Euro Area) M3 Money Supply YoYLowEUR
09:00(Euro Area) Loans to Companies YoYLowEUR
09:00(Euro Area) S&P Global Manufacturing PMIHighEUR
09:00(Greece) S&P Global Manufacturing PMIHighEUR
09:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
09:30(United States) LMI Logistics Managers Index CurrentLowUSD
10:00(Cyprus) Retail Sales YoYLowEUR
10:00(Euro Area) Core Inflation Rate YoYMediumEUR
10:00(Euro Area) Inflation Rate YoYHighEUR
10:00(Euro Area) Inflation Rate MoMMediumEUR
10:00(Euro Area) CPIHighEUR
10:00(Italy) CPIHighEUR
10:00(Italy) Harmonised Inflation Rate YoYLowEUR
10:00(Italy) Harmonised Inflation Rate MoMLowEUR
10:00(Italy) Inflation Rate MoMMediumEUR
10:00(Italy) Inflation Rate YoYHighEUR
10:30(Germany) Index-Linked Bund AuctionLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
11:00(Spain) New Car Sales YoYLowEUR
11:00(Greece) Total Credit YoYLowEUR
11:00(Italy) PPI MoMLowEUR
11:00(Italy) PPI YoYLowEUR
13:55(United States) Redbook YoYLowUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(United States) JOLTs Job QuitsLowUSD
15:00(United States) JOLTs Job OpeningsHighUSD
15:00(United States) Factory Orders ex TransportationLowUSD
15:00(United States) Factory Orders MoMMediumUSD
15:00(United States) Total Vehicle SalesLowUSD
16:00(New Zealand) Global Dairy Trade Price IndexLowNZD
17:00(Belgium) New Car Registrations YoYLowEUR
17:00(Italy) New Car Registrations YoYLowEUR
21:30(United States) API Crude Oil Stock ChangeMediumUSD
22:00(New Zealand) RBNZ Financial Stability ReportMediumNZD
23:45(New Zealand) Participation RateLowNZD
23:45(New Zealand) Labour Costs Index YoYLowNZD
23:45(New Zealand) Labour Costs Index QoQLowNZD
23:45(New Zealand) Employment Change QoQHighNZD
23:45(New Zealand) Unemployment RateHighNZD

Today's Scenario: - Gold prices (XAU/USD) are showing slight gains near $1,985 as traders exercise caution ahead of key central bank events amidst a full return to markets on Tuesday. The retreat of the US dollar due to concerns over the looming default strengthens XAU/USD's rebound. The seizure of assets by US regulators and their sale to JP Morgan has also eased concerns about the fallout from First Republic Bank. Additionally, the International Monetary Fund's (IMF) positive economic report on the Asia-Pacific region, one of the largest consumers of gold, is also contributing to the XAU/USD's firmness. However, the possibility of a hawkish Federal Reserve, US-China tensions, anxiety over upcoming top-tier US data/events, and central bank events in other major economies are also supporting the upside of gold prices.

Buy Scenario: - According to our Technical Confluence indicator, the Gold price is currently struggling to break through the resistance confluence at $1,990, which includes Fibonacci 61.8% on one-week and one-month, as well as Fibonacci 38.2% on one-day. Additionally, another key resistance level for buyers to watch is the Fibonacci 38.2% on one-week, located around $1,998.
If buyers manage to break through these resistance levels, they will likely face a final defense from sellers at the convergence of the Pivot Point one-day R1, middle band of the Bollinger on daily chart, and Fibonacci 23.6% on one-week, located near $2,001. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the downside, there is minor support near $1,973, which includes Pivot Point one-week S1, followed by the $1,970 level comprising Pivot Point one-day S1 and lower band of the Bollinger on one-day. If bears successfully break through these levels, there is a chance of witnessing a decline towards the previous monthly low of around $1,950. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 1971.09-R1 2000.03
S2 1959.63-R2 2017.51
S3 1942.15-R3 2028.97


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