Published on May 9, 2023

Daily Analysis For GOLD (XAU/USD) 09-05-2023

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
00:01	(United Kingdom) BRC Retail Sales Monitor YoY	High	GBP
00:30	(Japan) Overtime Pay YoY	Low	JPY
00:30	(Japan) Average Cash Earnings YoY	Low	JPY
00:30	(Japan) Household Spending MoM	Low	JPY
00:30	(Japan) Household Spending YoY	Low	JPY
01:00	(Euro Area) Anniversary of Robert Schumans Declaration	None	EUR
01:00	(Luxembourg) Europe Day	None	EUR
02:30	(Australia) Retail Sales MoM	High	AUD
04:00	(China) Exports YoY	Medium	CNY
04:00	(China) Imports YoY	Medium	CNY
04:00	(China) Balance of Trade	High	CNY
04:35	(Japan) 10-Year JGB Auction	Low	JPY
04:35	(Japan) 6-Month Bill Auction	Low	JPY
07:00	(Lithuania) CPI	Low	EUR
07:00	(Lithuania) Inflation Rate MoM	Low	EUR
07:00	(Lithuania) Inflation Rate YoY	Low	EUR
07:00	(United Kingdom) Halifax House Price Index YoY	Medium	GBP
07:00	(United Kingdom) Halifax House Price Index MoM	Medium	GBP
07:45	(France) Current Account	Low	EUR
07:45	(France) Balance of Trade	Medium	EUR
07:45	(France) Exports	Low	EUR
07:45	(France) Imports	Low	EUR
08:00	(Slovakia) Balance of Trade	Low	EUR
08:30	(France) Foreign Exchange Reserves	Low	EUR
09:00	(Euro Area) ECB Lane Speech	Low	EUR
09:40	(Spain) 6-Month Letras Auction	Low	EUR
09:40	(Spain) 12-Month Letras Auction	Low	EUR
10:30	(Germany) 5-Year Bobl Auction	Low	EUR
10:30	(Australia) 2023-24 Federal Budget	Medium	AUD
11:00	(United Kingdom) BBA Mortgage Rate	Low	GBP
11:00	(Ireland) Industrial Production YoY	Low	EUR
11:00	(United States) NFIB Business Optimism Index	Low	USD
13:30	(United States) Fed Jefferson Speech	Medium	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
15:00	(United States) IBD/TIPP Economic Optimism	Medium	USD
15:30	(United States) NY Fed Treasury Purchases 0 to 1 yrs	Low	USD
17:05	(United States) Fed Williams Speech	Medium	USD
18:00	(United States) 3-Year Note Auction	Low	USD
18:00	(Euro Area) ECB Schnabel Speech	Low	EUR
21:30	(United States) API Crude Oil Stock Change	Medium	USD

Today's Scenario: - The price of gold has risen above the key psychological level of $2,000 as it continues to recover from losses incurred on Friday. As of early Tuesday, it is up 0.12% and trading at around $2,023. This rise is likely due to a cautious market mood ahead of US debt negotiations. However, the recent increase in US Dollar and Treasury bond yields, as well as inflation expectations, may limit the gains of XAU/USD buyers during this slow session.

Buy Scenario: - The price of gold is slowly increasing and is currently trading within a $20 range between the 100-hour moving average at around $2,030 and the 200-hour moving average at around $2,010. There is a horizontal resistance zone that has been in place for a week, which adds to the bullish bias, while an upward sloping trend line from last Tuesday is supporting the $2,010 support level.

The MACD signals are sluggish and the RSI (14) is steady, indicating that the XAU/USD's slow grind higher may continue. It should be noted that $2,060 is a crucial level for a potential rally towards the all-time high of around $2,080. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the downside, the psychological support level of $2,000 is also a key level to watch for bearish pressure on XAU/USD. We do not advise selling XAU/USD.

Support and Resistance Level: -