Daily Analysis For GOLD (XAU/USD) 08-05-2023

Daily Analysis For GOLD (XAU/USD) 08-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
00:50(Japan) BoJ Monetary Policy Meeting MinutesMediumJPY
01:00(France) Victory in Europe DayNoneEUR
01:00(United Kingdom) Bank Holiday for the coronation of King Charles IIINoneGBP
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
02:30(Australia) Building Permits MoMMediumAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
02:30(Australia) NAB Business ConfidenceHighAUD
06:00(Estonia) Inflation Rate YoYLowEUR
06:00(Estonia) Inflation Rate MoMLowEUR
06:00(Estonia) CPILowEUR
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
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
10:00(Greece) Balance of TradeLowEUR
10:30(Germany) 3-Month Bubill AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Industrial Production MoMLowEUR
11:00(Latvia) Industrial Production YoYLowEUR
15:00(El Salvador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate MoMLowUSD
15:00(United States) Wholesale Inventories MoMLowUSD
16:00(United States) Consumer Inflation ExpectationsLowUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
23:45(New Zealand) Electronic Retail Card Spending MoMLowNZD
23:45(New Zealand) Electronic Retail Card Spending YoYLowNZD

Today's Scenario: - Gold price (XAU/USD) is hovering around $2,016 on a quiet Monday after recording its first daily loss in four and breaking a two-week uptrend. The slight recovery in the precious metal's price could be attributed to the lack of action in the market due to holidays in the UK and mixed risk factors. It is noteworthy that gold sellers are not actively participating, given the widespread weakness of the US dollar and concerns about the dovish stance of the Federal Reserve (Fed), as well as a cautious market sentiment ahead of the release of the US inflation and banking reports later this week.

Buy Scenario: - Gold price experienced a pullback on Friday as it failed to close above a three-month-old ascending resistance line around $2,068, in addition to overbought conditions of the Relative Strength Index (RSI) line at 14.
Despite the corrective move, gold price remained supported by the 21-day moving average (MA) at $2,005 and bullish signals from the Moving Average Convergence and Divergence (MACD) indicator. As a result, XAU/USD is expected to resume its upward trend, with the previous monthly high of around $2,050 as an immediate hurdle. The trend line resistance at $2,068 and the highs marked in 2022 and 2020 near $2,070 and $2,075 may act as additional upside filters before pushing prices towards the latest peak near $2,080. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the downside, a daily close below the 21-day MA support of $2,005 may challenge the XAU/USD's immediate support at the $2,000 round figure and an upward-sloping support line from late March, around $1,985. The 50-day MA support at $1,952 acts as the last line of defense for the gold buyers. Overall, gold price remains on an upward trend and may continue to remain bullish. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 1993.20-R1 2046.72
S2 1969.61-R2 2076.65
S3 1939.68-R3 2100.24


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