Daily Analysis For GOLD (XAU/USD) 03-05-2023

Daily Analysis For GOLD (XAU/USD) 03-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
00:00(Australia) Ai Group Industry IndexMediumAUD
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:00(Australia) Ai Group Construction IndexLowAUD
00:00(Australia) Ai Group Manufacturing IndexLowAUD
01:00(China) May DayNoneCNY
01:00(Japan) Constitution Memorial DayNoneJPY
02:30(Australia) Retail Sales MoMHighAUD
02:30(Australia) RBA Chart PackLowAUD
07:45(France) Budget BalanceLowEUR
09:00(Italy) Unemployment RateHighEUR
10:00(Cyprus) Unemployment RateLowEUR
10:00(Euro Area) Unemployment RateHighEUR
10:00(France) New Car Registrations YoYLowEUR
10:00(United Kingdom) 2-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 7-Year Bund AuctionLowEUR
11:00(Belgium) New Car Registrations YoYLowEUR
11:00(Portugal) Industrial Production YoYLowEUR
11:00(Portugal) Industrial Production MoMLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
11:30(Portugal) Budget BalanceLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
12:30(Germany) New Car Registrations YoYLowEUR
13:15(United States) ADP Employment ChangeHighUSD
14:30(United States) Treasury Refunding AnnouncementLowUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:00(United States) ISM Non-Manufacturing PricesLowUSD
15:00(United States) ISM Non-Manufacturing New OrdersLowUSD
15:00(United States) ISM Non-Manufacturing EmploymentMediumUSD
15:00(United States) ISM Non-Manufacturing PMIHighUSD
15:00(United States) ISM Non-Manufacturing Business ActivityLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
19:00(United States) Fed Interest Rate DecisionHighUSD
19:30(United States) Fed Press ConferenceHighUSD
23:45(New Zealand) Building Permits MoMLowNZD
Today's Scenario: - The price of gold (XAU/USD) is fluctuating at the highest levels seen in two weeks, currently hovering around $2,015-20 during the early hours of Wednesday, after experiencing its biggest increase in a month on the previous day.
This indicates that the market is taking a cautious stance as investors await the release of top-tier economic data from the United States and the Federal Open Market Committee (FOMC) monetary policy meeting announcements later in the day. The recent increase in XAU/USD prices can be attributed to mixed US data, as well as concerns surrounding the possibility of a US default and banking turmoil.
Buy Scenario: - Gold price has remained steady above the $2,013 and $1,969 range for the past two weeks. The precious metal's uptrend is supported by sustained trading above the 200-bar Exponential Moving Average (EMA) and bullish signals from the Moving Average Convergence and Divergence (MACD) indicator. However, the Relative Strength Index (RSI) line indicates that the XAU/USD prices may experience a pullback soon as it approaches the overbought territory.
Although a sustained uptrend above the $2,013 resistance level is not a straightforward path for gold buyers, the bulls could potentially encounter resistance at a horizontal resistance area of $2,032-36 and the Year-To-Date high of nearly $2,049. Till we did not advise to buy XAU/USD.
Selling Scenario: - On the other hand, the $2,000 round figure and the 200-EMA level of $1,973 precede the lower limit of the short-term trading range of around $1,969, which could prevent significant Gold price declines in the near term.
If the XAU/USD bears manage to break below these support levels, they may encounter further hurdles near $1,950 and $1,935. A break of these levels could potentially convince the Gold sellers to target the $1,900 round figure.
Overall, the Gold price is still within the bull's radar as the Federal Reserve's (Fed) rate hike announcement is imminent. We do not advise selling XAU/USD.
Support and Resistance Level: -
SupportResistance
S1 1990.31-R1 2031.23
S2 1963.95-R2 2045.79
S3 1949.39-R3 2072.15

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