Published on Apr 5, 2023

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

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
00:00	(Australia) Ai Group Industry Index	Medium	AUD
00:00	(Australia) Judo Bank Services PMI	High	AUD
00:00	(Australia) Judo Bank Composite PMI	Low	AUD
00:00	(Australia) Ai Group Construction Index	Low	AUD
00:00	(Australia) Ai Group Manufacturing Index	Low	AUD
01:00	(China) Qingming Festival	None	CNY
01:01	(Ireland) AIB Services PMI	Low	EUR
01:30	(Japan) Jibun Bank Services PMI	Medium	JPY
01:30	(Japan) Jibun Bank Composite PMI	Low	JPY
02:30	(Australia) RBA Chart Pack	Low	AUD
03:00	(New Zealand) RBNZ Interest Rate Decision	Medium	NZD
03:30	(Australia) RBA Gov Lowe Speech	High	AUD
07:00	(Germany) Factory Orders MoM	Medium	EUR
07:45	(France) Industrial Production MoM	Medium	EUR
08:00	(Spain) Industrial Production YoY	Low	EUR
08:15	(Spain) S&P Global Composite PMI	Low	EUR
08:15	(Spain) S&P Global Services PMI	High	EUR
08:45	(Italy) S&P Global Services PMI	High	EUR
08:45	(Italy) S&P Global Composite PMI	Low	EUR
08:50	(France) S&P Global Services PMI	Medium	EUR
08:50	(France) S&P Global Composite PMI	Low	EUR
08:55	(Germany) S&P Global Services PMI	High	EUR
08:55	(Germany) S&P Global Composite PMI	Low	EUR
09:00	(Germany) New Car Registrations YoY	Low	EUR
09:00	(Euro Area) S&P Global Composite PMI	Low	EUR
09:00	(Euro Area) S&P Global Services PMI	High	EUR
09:00	(United Kingdom) New Car Sales YoY	Low	GBP
09:30	(United Kingdom) S&P Global/CIPS UK Services PMI	High	GBP
09:30	(United Kingdom) S&P Global/CIPS Composite PMI	Low	GBP
10:00	(France) New Car Registrations YoY	Low	EUR
10:00	(Italy) Retail Sales YoY	High	EUR
10:00	(Italy) Retail Sales MoM	High	EUR
10:00	(Cyprus) Construction Output YoY	Low	EUR
10:00	(Cyprus) Current Account	Low	EUR
10:30	(Germany) 7-Year Bund Auction	Low	EUR
11:00	(Luxembourg) Inflation Rate YoY	Low	EUR
11:00	(Luxembourg) Inflation Rate MoM	Low	EUR
11:00	(Spain) Consumer Confidence	Medium	EUR
11:00	(Ireland) Unemployment Rate	Low	EUR
11:10	(European Union) 6-Month Bill Auction	Low	EUR
11:10	(European Union) 3-Month Bill Auction	Low	EUR
12:00	(United States) MBA 30-Year Mortgage Rate	Medium	USD
12:00	(United States) MBA Mortgage Applications	Low	USD
12:00	(United States) MBA Mortgage Market Index	Low	USD
12:00	(United States) MBA Mortgage Refinance Index	Low	USD
12:00	(United States) MBA Purchase Index	Low	USD
13:15	(United States) ADP Employment Change	High	USD
13:30	(Canada) Imports	Low	CAD
13:30	(Canada) Exports	Low	CAD
13:30	(Canada) Balance of Trade	High	CAD
13:30	(United States) Exports	Medium	USD
13:30	(United States) Imports	Medium	USD
13:30	(United States) Balance of Trade	High	USD
14:45	(United States) S&P Global Composite PMI	Medium	USD
14:45	(United States) S&P Global Services PMI	High	USD
15:00	(United States) ISM Non-Manufacturing Business Activity	Low	USD
15:00	(United States) ISM Non-Manufacturing Prices	Low	USD
15:00	(United States) ISM Non-Manufacturing New Orders	Low	USD
15:00	(United States) ISM Non-Manufacturing Employment	Medium	USD
15:00	(United States) ISM Non-Manufacturing PMI	High	USD
15:00	(Euro Area) ECB Lane Speech	Low	EUR
15:30	(United States) EIA Refinery Crude Runs Change	Low	USD
15:30	(United States) EIA Crude Oil Stocks Change	Medium	USD
15:30	(United States) EIA Heating Oil Stocks Change	Low	USD
15:30	(United States) EIA Gasoline Production Change	Low	USD
15:30	(United States) EIA Distillate Stocks Change	Low	USD
15:30	(United States) EIA Crude Oil Imports Change	Low	USD
15:30	(United States) EIA Gasoline Stocks Change	Medium	USD
15:30	(United States) EIA Cushing Crude Oil Stocks Change	Low	USD
15:30	(United States) EIA Distillate Fuel Production Change	Low	USD
16:30	(United States) 17-Week Bill Auction	Low	USD
17:00	(Canada) 10-Year Bond Auction	Low	CAD

Today's Scenario: - The price of gold (XAU/USD) is gradually climbing higher, reaching $2,025 and renewing a 13-month high. This upward movement is primarily due to the broad weakness of the US Dollar. As uncertainty continues to grip the markets amid hawkish Fed discussions and declining market expectations, investors are seeking refuge in the safe-haven asset of gold.

The precious metal's rally is a result of market indecision and growing concerns over the current economic environment. The ongoing talks by the Federal Reserve about raising interest rates have made investors wary of other investment options and further strengthened the appeal of gold.

As the price of gold continues to rise, traders will be closely monitoring market developments to determine the metal's future trajectory. Any further weakness in the US Dollar, coupled with increased market uncertainty, could provide further support for gold's upward momentum.

Buy Scenario: - On the upside, Pivot Point one-week R3 is a crucial resistance level to watch for gold buyers, located at $2,035. After that, the Pivot Point one-month R1, close to $2,050, is likely to present a significant challenge for the bulls, before they can aim to surpass the previous yearly high of $2,070.

Overall, traders and investors must keep a close eye on these critical support and resistance levels to determine the potential trajectory of the gold price. Till we did not advise to buy XAU/USD.

Selling Scenario: - Our Technical Confluence Indicator is indicating that the price of gold has remained steady above a key support confluence of $2,010, and has managed to reach the previous yearly high from March 2022. This support level includes the previous monthly high and Pivot Point one-week R2.

It is worth noting that the Fibonacci 161.8% on a weekly formation has joined the middle band of the Bollinger on a one-hour chart, serving as a check for any immediate downside movements in the XAU/USD, particularly near $2,015.

Moreover, the $2,005 level is a critical downside filter as it includes the Fibonacci 38.2% in one-day. This level must be surpassed before the psychological magnet of $2,000 can come into focus. We do not advise selling XAU/USD.

Support and Resistance Level: -