Published on Apr 10, 2023

Daily Analysis For GOLD (XAU/USD) 10-04-2023

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
00:50	(Japan) Current Account	Medium	JPY
01:00	(Australia) Easter Monday	None	AUD
01:00	(Austria) Easter Monday	None	EUR
01:00	(Belgium) Easter Monday	None	EUR
01:00	(Euro Area) Easter Monday	None	EUR
01:00	(Finland) Easter Monday	None	EUR
01:00	(France) Easter Monday	None	EUR
01:00	(Germany) Easter Monday	None	EUR
01:00	(Ireland) Easter Monday	None	EUR
01:00	(Italy) Easter Monday	None	EUR
01:00	(Latvia) Easter Monday	None	EUR
01:00	(Lithuania) Easter Monday	None	EUR
01:00	(Luxembourg) Easter Monday	None	EUR
01:00	(Malta) Easter Monday	None	EUR
01:00	(Netherlands) Easter Monday	None	EUR
01:00	(New Zealand) Easter Monday	None	NZD
01:00	(Switzerland) Easter Monday	None	CHF
01:00	(United Kingdom) Easter Monday	None	GBP
06:00	(Estonia) Inflation Rate MoM	Low	EUR
06:00	(Estonia) Inflation Rate YoY	Low	EUR
06:00	(Estonia) Balance of Trade	Low	EUR
06:00	(Estonia) CPI	Low	EUR
06:00	(Japan) Consumer Confidence	High	JPY
07:00	(Japan) Eco Watchers Survey Current	Low	JPY
07:00	(Japan) Eco Watchers Survey Outlook	Low	JPY
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
10:00	(Greece) Inflation Rate MoM	Low	EUR
10:00	(Greece) Industrial Production YoY	Low	EUR
10:00	(Greece) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Greece) Inflation Rate YoY	Low	EUR
10:00	(Malta) Balance of Trade	Low	EUR
10:30	(Cyprus) Balance of Trade	Low	EUR
11:00	(Portugal) Balance of Trade	Low	EUR
15:00	(United States) Wholesale Inventories MoM	Low	USD
16:00	(United States) Consumer Inflation Expectations	Low	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
21:15	(United States) Fed Williams Speech	Medium	USD

Today's Scenario: - Gold's bullish momentum appears to have stalled as markets enter a consolidation phase on the Good Friday holiday. Despite a weekly gain of approximately $2,007, the precious metal has slipped off the radar for some investors. One contributing factor to this lull in activity is the cautious mood surrounding the release of the US employment data for March, which is causing some traders to add filters to their XAU/USD trading strategies.

In summary, the Good Friday holiday has led to a consolidation phase in the markets, causing gold to slip off some investors' radars. Although the precious metal is set for a weekly gain, the upcoming release of US employment data has led to a cautious approach among traders, who are adjusting their XAU/USD trading strategies accordingly.

Buy Scenario: - If gold manages to trade beyond the $2,000 mark, it will need to surpass the latest high near $2,032 to convince XAU/USD bulls to push for the 2022 high of $2,070, followed by the record top around $2,075. Till we did not advise to buy XAU/USD.

Selling Scenario: - The price of gold has fallen below the previous resistance line of three weeks ago, currently hovering around $2,000. The bearish signals from the Moving Average Convergence and Divergence (MACD) indicator, along with the Relative Strength Index (RSI) line sitting around the 50 level at 14, are adding to the downward bias for XAU/USD.

Despite this, there is some support for the short-term downside in the form of the 100-bar SMA and an upward-sloping support line from mid-March, located around $1,975 and $1,970, respectively. Further support is found at a horizontal area made up of multiple levels marked since March 15, near $1,935. We do not advise selling XAU/USD.

Support and Resistance Level: -