Daily Analysis For GOLD (XAU/USD) 11-04-2023

Daily Analysis For GOLD (XAU/USD) 11-04-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
00:01(United Kingdom) BRC Retail Sales Monitor YoYHighGBP
01:30(Australia) Westpac Consumer Confidence IndexHighAUD
01:30(Australia) Westpac Consumer Confidence ChangeHighAUD
02:30(Australia) NAB Business ConfidenceHighAUD
02:30(China) Inflation Rate MoMMediumCNY
02:30(China) Inflation Rate YoYHighCNY
02:30(China) PPI YoYMediumCNY
04:35(Japan) 5-Year JGB AuctionLowJPY
07:00(China) Vehicle Sales YoYLowCNY
07:00(Lithuania) CPILowEUR
07:00(Lithuania) Inflation Rate MoMLowEUR
07:00(Lithuania) Inflation Rate YoYLowEUR
08:00(Japan) Machine Tool Orders YoYLowJPY
08:00(Slovakia) Retail Sales MoMLowEUR
08:00(Slovakia) Retail Sales YoYLowEUR
08:00(Slovakia) Industrial Production YoYLowEUR
09:00(China) Outstanding Loan Growth YoYLowCNY
09:00(China) M2 Money Supply YoYLowCNY
09:00(China) New Yuan LoansLowCNY
09:00(China) Total Social FinancingLowCNY
09:30(Slovenia) Industrial Production YoYLowEUR
09:40(Spain) 6-Month Letras AuctionLowEUR
09:40(Spain) 12-Month Letras AuctionLowEUR
10:00(Malta) Industrial Production YoYLowEUR
10:00(Euro Area) Retail Sales MoMHighEUR
10:00(Euro Area) Retail Sales YoYHighEUR
10:30(Belgium) Industrial Production MoMLowEUR
10:30(Belgium) Industrial Production YoYLowEUR
10:30(Germany) 5-Year Bobl AuctionLowEUR
11:00(Latvia) Balance of TradeLowEUR
11:00(United Kingdom) BBA Mortgage RateLowGBP
11:00(United States) NFIB Business Optimism IndexLowUSD
13:55(United States) Redbook YoYLowUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
16:00(Kosovo) Inflation Rate YoYLowEUR
17:00(United States) WASDE ReportLowUSD
18:00(United States) 3-Year Note AuctionLowUSD
21:00(United States) Fed Harker SpeechMediumUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
23:45(New Zealand) Electronic Retail Card Spending MoMLowNZD
23:45(New Zealand) Electronic Retail Card Spending YoYLowNZD

Today's Scenario: - The price of gold (XAU/USD) has surpassed $2,000 due to a weaker US Dollar, combined with a decrease in US Treasury bond yields, which has attracted XAU/USD sellers in a bustling market. The re-evaluation of market predictions for the Federal Reserve's rate hike, as well as optimism about growth in India and China, as reported by Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has helped to keep the gold price steady. However, disappointing inflation figures in China and rising tensions between the US and China have fueled demand for XAU/USD.
Additionally, the cautious mood ahead of Wednesday's crucial US inflation data and the Federal Open Market Committee (FOMC) Minutes, as well as the current market consolidation, have allowed the gold price to remain marginally high.
Nevertheless, the gold price remains robust due to the weakened US Dollar and increasing worries about the Fed's future policies. However, to continue this trend, the XAU/USD bulls will need to receive confirmation from upcoming US Consumer Price Index (CPI) data and the FOMC Minutes.

Buy Scenario: - Our Technical Confluence Indicator suggests that the Gold price is approaching the $2,010 resistance confluence, which includes the previous monthly high. The $2,014 level, which encompasses the Fibonacci 23.6% on a one-week basis, is also acting as an upside filter.
If the Gold price surpasses these levels, it may face further resistance at Pivot Point one-day R2, Fibonacci 161.8% on one-day, and Pivot Point one-day R3, which could challenge Gold buyers at around $2,016, $2,020, and $2,025, respectively. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the other hand, if XAU/USD experiences a pullback, there are several support levels to watch. The SMA10 on 4H and 10-HMA are currently limiting the immediate downside of the Gold price, near $1,998 and $1,995, respectively.
If the XAU/USD price remains bearish below $1,995, the Fibonacci 61.8% on a one-week basis, around $1,982, may act as the last defense of the Gold buyers. We do not advise selling XAU/USD.

Support and Resistance Level: -
SupportResistance
S1 1982.87-R1 2003.23
S2 1974.40-R2 2015.12
S3 1962.51-R3 2023.59

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023:  Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;