Daily Analysis For GOLD (XAU/USD) 04-05-2023

Daily Analysis For GOLD (XAU/USD) 04-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
01:00(Japan) Greenery DayNoneJPY
01:00(Latvia) Declaration of Independence DayNoneEUR
01:01(Ireland) AIB Services PMILowEUR
02:30(Australia) Exports MoMLowAUD
02:30(Australia) Imports MoMLowAUD
02:30(Australia) Balance of TradeHighAUD
02:45(China) Caixin Manufacturing PMIHighCNY
06:00(Estonia) Industrial Production MoMLowEUR
06:00(Estonia) Industrial Production YoYLowEUR
07:00(Germany) Balance of TradeHighEUR
07:00(Germany) Exports MoMMediumEUR
07:00(Germany) Imports MoMLowEUR
08:00(Spain) Unemployment ChangeHighEUR
08:00(Spain) Tourist Arrivals YoYLowEUR
08:15(Spain) S&P Global Services PMIHighEUR
08:15(Spain) S&P Global Composite PMILowEUR
08:45(Italy) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Composite PMILowEUR
08:50(France) S&P Global Services PMIMediumEUR
08:50(France) S&P Global Composite PMILowEUR
08:55(Germany) S&P Global Services PMIHighEUR
08:55(Germany) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(United Kingdom) New Car Sales YoYLowGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
09:30(United Kingdom) Net Lending to Individuals MoMLowGBP
09:30(United Kingdom) Mortgage ApprovalsMediumGBP
09:30(United Kingdom) Mortgage LendingMediumGBP
09:30(United Kingdom) BoE Consumer CreditMediumGBP
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
09:40(Spain) Index-Linked Obligacion AuctionLowEUR
09:40(Spain) Obligacion AuctionLowEUR
09:40(Spain) Bonos AuctionLowEUR
09:40(Spain) 3-Year Bonos AuctionLowEUR
10:00(France) New Car Registrations YoYLowEUR
10:00(Cyprus) Inflation Rate YoYLowEUR
10:00(Cyprus) Inflation Rate MoMLowEUR
10:00(Euro Area) PPI MoMLowEUR
10:00(Euro Area) PPI YoYLowEUR
10:00(France) 10-Year OAT AuctionLowEUR
11:00(Ireland) Unemployment RateLowEUR
12:30(Germany) New Car Registrations YoYLowEUR
12:30(United States) Challenger Job CutsLowUSD
13:15(Euro Area) Marginal Lending RateLowEUR
13:15(Euro Area) Deposit Facility RateHighEUR
13:15(Euro Area) ECB Interest Rate DecisionHighEUR
13:30(Canada) ImportsLowCAD
13:30(Canada) ExportsLowCAD
13:30(Canada) Balance of TradeHighCAD
13:30(United States) Unit Labour Costs QoQMediumUSD
13:30(United States) Nonfarm Productivity QoQMediumUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Balance of TradeHighUSD
13:30(United States) ExportsMediumUSD
13:30(United States) ImportsMediumUSD
13:45(Euro Area) ECB Press ConferenceHighEUR
15:00(Canada) Ivey PMI s.aHighCAD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
15:30(United States) NY Fed Treasury Purchases TIPS 1 to 7.5 yrsLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD

Today's Scenario: - Gold price (XAU/USD) is experiencing a slight decline as bulls take a break after hitting a new record high. This comes ahead of the key European Central Bank (ECB) monetary policy meeting, as well as the upcoming US Nonfarm Payrolls (NFP) report on Friday.
The recent surge in gold prices can be attributed to the Federal Reserve's efforts to downplay the possibility of further rate hikes, despite announcing a 0.25% rate increase. Additionally, the US dollar's weakness due to concerns over banking issues and the debt ceiling expiration has also contributed to the rise in gold prices. The omission of any mention of the need for future rate increases by policymakers has added to the gold price upside.
Furthermore, the International Monetary Fund's (IMF) positive outlook for Asia, a leading consumer of XAU/USD, has also supported the bullish sentiment in gold prices.

Buy Scenario: - On the upside, a confluence of Pivot Point one month R1 and one week R3 highlights $2,043 as a short-term key resistance level. If Gold manages to surpass this level, the previous monthly high and upper band of the Bollinger on four-hour play may challenge the Gold buyers.
It should be noted that the XAU/USD uptrend beyond $2,043 may slow down at the $2,063 level, which includes Pivot Point one-day R2 and upper band of the Bollinger on hourly play. If this level is also breached, it could challenge the all-time high near $2,080. Till we did not advise to buy XAU/USD.

Selling Scenario: - According to our Technical Confluence Indicator, Gold price is currently trading above the $2,025 resistance-turned-support level, which is a combination of Pivot Point one-week R2 and Fibonacci 23.6% on one month. This, along with the weaker US Dollar, is providing support to XAU/USD bulls.
If the Gold price breaks below the $2,025 support level, the $2,011 confluence level, which comprises Fibonacci 38.2% on one month, could act as the last defense for buyers. If this level is breached, the $2,000 level may offer additional support for the Gold sellers before they can gain control. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 2017.65-R1 2050.33
S2 1996.38-R2 2061.74
S3 1984.97-R3 2083.01


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