Daily Analysis For GOLD (XAU/USD) 10-05-2023

Daily Analysis For GOLD (XAU/USD) 10-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(El Salvador) Mothers' DayNoneUSD
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Estonia) Balance of TradeLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:00(Japan) Coincident IndexLowJPY
06:00(Japan) Leading Economic IndexLowJPY
07:00(Germany) Harmonised Inflation Rate YoYLowEUR
07:00(Germany) Harmonised Inflation Rate MoMLowEUR
07:00(Germany) Inflation Rate MoMMediumEUR
07:00(Germany) Inflation Rate YoYMediumEUR
07:00(Germany) CPIHighEUR
07:00(Lithuania) Balance of TradeLowEUR
08:00(Austria) Industrial Production YoYLowEUR
08:00(Slovakia) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production MoMMediumEUR
09:30(Slovenia) Industrial Production YoYLowEUR
10:00(Belgium) Industrial Production MoMLowEUR
10:00(Belgium) Industrial Production YoYLowEUR
10:00(Cyprus) Balance of TradeLowEUR
10:00(Greece) Harmonised Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate MoMLowEUR
10:00(Greece) Industrial Production YoYLowEUR
10:00(Malta) Balance of TradeLowEUR
10:00(United Kingdom) 10-Year Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Balance of TradeLowEUR
11:00(Portugal) Balance of TradeLowEUR
11:00(Portugal) Unemployment RateLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(Canada) Building Permits MoMLowCAD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 2-Year Bond AuctionLowCAD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) Monthly Budget StatementMediumUSD
23:45(New Zealand) Food Inflation YoYLowNZD
Today's Scenario: - In the Asian trading session, the price of gold (XAU/USD) has encountered resistance while attempting to break through the immediate barrier at $2,040.00. Investors appear hesitant to buy into the precious metal as they are concerned that any signs of persistence in the US Consumer Price Index (CPI) may compel the Federal Reserve (Fed) to adopt a more hawkish policy stance.
Meanwhile, S&P500 futures are indicating modest gains in Tokyo, suggesting a slight reduction in overall risk aversion. The US Dollar Index (DXY) is currently trading sideways around 101.55 as market participants shift their focus towards inflation data. This comes after news that US debt ceiling negotiations have been postponed until Friday.
Buy Scenario: - The immediate upside of the Gold price near $2,035 is guarded by 5-DMA and Fibonacci 23.6% on one-day. If this level is broken, the Gold price could move towards the $2,045 hurdle, including the Pivot Point one-month R1.
If the Gold price remains firm above $2,050, the all-important resistance confluence will be in focus for Gold buyers. This resistance confluence includes the upper band of the Bollinger on one-day, Pivot Point one-day R2, and the previous monthly high.
If the Gold price manages to break past $2,050, then the recently reported all-time high of around $2,080 will come into the spotlight. Till we did not advise to buy XAU/USD.
Selling Scenario: - ccording to our Technical Confluence Indicator, the failure of the Gold price to surpass the $2,050 hurdle resulted in its first daily loss in three days. The upper band of the Bollinger on the daily chart, along with Pivot Point one-day R2 and the previous monthly high, marks this level as a crucial resistance for XAU/USD.
It's important to note that for the recent retreat in Gold price to be confirmed, it needs to find support from the confluence at $2,025, which includes Fibonacci 23.6% on one month, Fibonacci 61.8% on one-day, and the lower band of the Bollinger on the hourly chart.
In the event that the Gold price falls below the key support at $2,025, it could quickly drop to the $2,010 level, which comprises the Fibonacci 38.2% on monthly, Pivot Point one-day S2, and 10-DMA. A break below this level could lead to a challenge of the $2,000 round figure. We do not advise selling XAU/USD.
Support and Resistance Level: -
SupportResistance
S1 2023.47-R1 2041.50
S2 2012.53-R2 2048.59
S3 2005.44-R3 2059.53

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