Published on Apr 18, 2023

Daily Analysis For GOLD (XAU/USD) 18-04-2023

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
01:00	(Cyprus) Orthodox Easter Tuesday	None	EUR
02:30	(Australia) RBA Meeting Minutes	High	AUD
03:00	(China) Industrial Capacity Utilization	Low	CNY
03:00	(China) Retail Sales YoY	High	CNY
03:00	(China) Industrial Production YoY	High	CNY
03:00	(China) Fixed Asset Investment (YTD) YoY	Medium	CNY
03:00	(China) GDP Growth Rate YoY	High	CNY
03:00	(China) GDP Growth Rate QoQ	Medium	CNY
03:00	(China) Unemployment Rate	High	CNY
07:00	(United Kingdom) Average Earnings excl. Bonus (3Mo/Yr)	Low	GBP
07:00	(United Kingdom) Average Earnings incl. Bonus (3Mo/Yr)	Medium	GBP
07:00	(United Kingdom) Unemployment Rate	High	GBP
07:00	(United Kingdom) Claimant Count Change	High	GBP
07:00	(United Kingdom) Employment Change	High	GBP
07:00	(United Kingdom) HMRC Payrolls Change	Low	GBP
09:00	(Italy) Balance of Trade	Medium	EUR
09:40	(Spain) 3-Month Letras Auction	Low	EUR
10:00	(China) FDI (YTD) YoY	Medium	CNY
10:00	(Euro Area) ZEW Economic Sentiment Index	Medium	EUR
10:00	(Euro Area) Balance of Trade	Medium	EUR
10:00	(Germany) ZEW Current Conditions	Low	EUR
10:00	(Germany) ZEW Economic Sentiment Index	High	EUR
10:00	(United Kingdom) 30-Year Treasury Gilt Auction	Low	GBP
11:00	(Ireland) Balance of Trade	Low	EUR
13:30	(Canada) New Motor Vehicle Sales	Low	CAD
13:30	(Canada) Inflation Rate MoM	Medium	CAD
13:30	(Canada) Core Inflation Rate YoY	Medium	CAD
13:30	(Canada) Inflation Rate YoY	High	CAD
13:30	(Canada) Core Inflation Rate MoM	Low	CAD
13:30	(Canada) CPI Median YoY	High	CAD
13:30	(Canada) CPI Trimmed-Mean YoY	High	CAD
13:30	(United States) Housing Starts	Medium	USD
13:30	(United States) Building Permits	High	USD
13:30	(United States) Housing Starts MoM	Medium	USD
13:30	(United States) Building Permits MoM	Medium	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(Ecuador) Balance of Trade	Low	USD
14:00	(Euro Area) ECB Elderson Speech	Low	EUR
16:00	(New Zealand) Global Dairy Trade Price Index	Low	NZD
16:30	(United States) 52-Week Bill Auction	Low	USD
18:00	(United States) Fed Bowman Speech	Medium	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD

Today's Scenario: - The price of gold, denoted as XAU/USD, faced difficulties in maintaining its early Tuesday corrective rebound near the key level of $2,000. The decline of the US Dollar has not been able to alleviate the burden on XAU/USD from bearish pressure. Moreover, the mixed sentiment of the market, coupled with the cautious atmosphere before top-tier events and data releases from the United States, is hindering potential gold buyers. Despite the impressive statistics from China in recent times, investors are still reluctant to take any significant positions in the precious metal.

Buy Scenario: - If (XAU/USD) gold is to make a recovery, it will need to surpass the 10-DMA support-turned-resistance level, which is currently at $2,010. Should it succeed in doing so, the trend channel's top line around $2,045 will be the next obstacle for the precious metal before reaching the previous yearly top at $2,070. However, the all-time high of around $2,075, which was marked in 2020, will be the ultimate barrier for gold sellers. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the downside, a break below the 50% Fibonacci retracement level of $1,991 will need validation from the 61.8% Fibonacci retracement and a three-week-long ascending support line, which are respectively near $1,978 and $1,967, to convince the Gold bears.

Overall, the Gold price is struggling to find a clear direction, and it seems that the buyers are running out of fuel lately. We do not advise selling XAU/USD.

Support and Resistance Level: -