Daily Analysis For GOLD (XAU/USD) 15-05-2023

Daily Analysis For GOLD (XAU/USD) 15-05-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
01:00(Euro Area) Eurogroup MeetingMediumEUR
01:01(Ireland) Construction PMILowEUR
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
02:30(China) PBoC 1-Year MLF AnnouncementLowCNY
04:45(Japan) 5-Year JGB AuctionLowJPY
06:00(Estonia) Unemployment RateLowEUR
06:00(Finland) CPILowEUR
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Japan) Machine Tool Orders YoYLowJPY
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:30(Switzerland) Producer & Import Prices MoMLowCHF
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Lithuania) Current AccountLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
10:00(Belgium) Construction Output YoYLowEUR
10:00(Euro Area) Industrial Production MoMMediumEUR
10:00(Euro Area) Industrial Production YoYLowEUR
10:30(Germany) 12-Month Bubill AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Current AccountLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:15(Canada) Housing StartsMediumCAD
13:30(Canada) Wholesale Sales MoMLowCAD
13:30(United States) NY Empire State Manufacturing IndexMediumUSD
13:45(United States) Fed Bostic SpeechMediumUSD
14:00(Belgium) Balance of TradeLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
14:15(United States) Fed Kashkari SpeechMediumUSD
15:00(Canada) Financial System SurveyMediumCAD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
17:30(United States) Fed Barkin SpeechMediumUSD
21:00(United States) Foreign Bond InvestmentLowUSD
21:00(United States) Overall Net Capital FlowsLowUSD
21:00(United States) Net Long-term TIC FlowsMediumUSD
22:00(United States) Fed Cook SpeechMediumUSD

Today's Scenario: - Gold prices, represented by XAU/USD, have experienced a downward trend over the past three days, resulting in the largest weekly loss since late September 2022. During this period, the decline in gold prices can be attributed to the consolidation of the US Dollar, driven by hopes that there will be no US default, along with mixed comments from Federal Reserve officials. Additionally, concerns regarding downbeat US data on inflation and consumer confidence have contributed to the pressure on the US Dollar.
Despite these factors, gold remains vulnerable to further declines due to ongoing uncertainties surrounding the US debt ceiling extension and concerns about potential banking issues and deposit losses.
Looking ahead, short-term movements in gold prices will likely be influenced by the outcome of negotiations among US policymakers regarding the debt ceiling extension, as well as key economic data such as US inflation and retail sales figures for April. Market participants will also closely monitor any statements or speeches from Federal Reserve Chair Jerome Powell, as they may provide additional insights into the direction of monetary policy and its impact on gold prices.

Buy Scenario: - Based on our Technical Confluence Indicator, the Gold price has found support around the key level of $2,010, which represents a confluence of Fibonacci retracement levels (61.8% on a weekly basis and 38.2% on a monthly basis) as well as the middle band of the Bollinger Bands on the hourly chart.
As a result, the XAU/USD has reversed its three-day downtrend and is approaching the immediate resistance level at $2,021, which is defined by the middle band of the Bollinger Bands on the four-hour chart.
If the price manages to surpass this hurdle, the next obstacle is likely to be the 50-period Simple Moving Average (SMA) on the four-hour chart, which is located around $2,030. A successful break above this level could lead the Gold buyers towards the key resistance at $2,050, which has been tested multiple times since mid-April. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the downside, if the price breaks below the support level at $2,010, it may decline towards the psychological level of $2,000. This level is also supported by the Pivot Point one-day S1 and the previous daily low.
If the XAU/USD remains below $2,000, the price could find intermediate support around $1,995 before potentially sliding towards the previous monthly low near $1,969. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 2000.33-R1 2021.97
S2 1989.82-R2 2033.10
S3 1978.69-R3 2043.61


default man
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, ...