Daily Analysis For GOLD (XAU/USD) 12-04-2023

Daily Analysis For GOLD (XAU/USD) 12-04-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
00:30(United States) Fed Kashkari SpeechMediumUSD
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
00:50(Japan) Machinery Orders MoMMediumJPY
00:50(Japan) Machinery Orders YoYMediumJPY
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
05:30(Netherlands) Balance of TradeLowEUR
05:45(Australia) RBA Bullock SpeechMediumAUD
06:00(Finland) Current AccountLowEUR
07:00(Lithuania) PPI YoYLowEUR
07:00(Lithuania) PPI MoMLowEUR
08:00(Slovakia) Construction Output YoYLowEUR
10:00(United Kingdom) 6-Year Index-Linked Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:10(Italy) 4-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
13:30(Euro Area) ECB Guindos SpeechHighEUR
14:00(Ecuador) Balance of TradeLowUSD
14:00(United Kingdom) BoE Gov Bailey SpeechMediumGBP
15:00(Canada) BoC Monetary Policy ReportHighCAD
15:00(Canada) BoC Interest Rate DecisionMediumCAD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks 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
16:00(Kosovo) Inflation Rate YoYLowEUR
16:00(Canada) BoC Press ConferenceMediumCAD
16:30(United States) 17-Week Bill AuctionLowUSD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) FOMC MinutesHighUSD
19:00(United States) Monthly Budget StatementMediumUSD
20:15(United Kingdom) BoE Gov Bailey SpeechMediumGBP
Today's Scenario: - Gold price (XAU/USD) is trading higher above the $2,000 level, currently around $2,005 during the early Wednesday trading session in Asia. The rise in price is attributed to the weakness in the US Dollar, while also reflecting the cautious sentiment prevailing in the market ahead of important economic data and events. Recent indications of a reduced hawkish stance by the Federal Reserve, coupled with mixed comments from Fed policymakers and the International Monetary Fund (IMF), have weighed on the US Dollar and supported the Gold price.
Buy Scenario: - The price of gold (XAU/USD) has risen above the $1,981-80 support level, which includes the three-week-old previous resistance line, the 23.6% Fibonacci retracement of the March-April upside, and the 100-bar Simple Moving Average (SMA).
This suggests a break to the upside of a descending trend line that has been in place for one week, with immediate support now at around $1,994. The Relative Strength Index (RSI) at 14 and the Moving Average Convergence and Divergence (MACD) indicator also indicate strength in the upward trend.
With this positive outlook, the price of gold is expected to challenge its 13-month high, reached last week at around $2,032. If it manages to break through, the 61.8% Fibonacci Expansion (FE) of the metal's moves between March 8 and 21, at around $2,048, could act as an intermediate halt before reaching the previous yearly peak of nearly $2,070, followed by the all-time high near $2,075 reached in 2020. Till we did not advise to buy XAU/USD.
Selling Scenario: - However, a downside break of the immediate support line near $1,994 could lead to gold sellers challenging the $1,981-80 support confluence. If it weakens past $1,980, it may quickly reach the 38.2% Fibonacci retracement level at around $1,947.
Overall, the outlook for the price of gold is positive as traders await key fundamental catalysts this week. We do not advise selling XAU/USD.
Support and Resistance Level: -
SupportResistance
S1 1992.63-R1 2011.27
S2 1981.44-R2 2018.72
S3 1973.99-R3 2029.91

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