Published on Apr 21, 2023

Daily Analysis For GOLD (XAU/USD) 21-04-2023

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
00:00	(Australia) Judo Bank Services PMI	High	AUD
00:00	(Australia) Judo Bank Manufacturing PMI	High	AUD
00:00	(Australia) Judo Bank Composite PMI	Low	AUD
00:01	(United Kingdom) Gfk Consumer Confidence	High	GBP
00:30	(Japan) Inflation Rate Ex-Food and Energy YoY	Low	JPY
00:30	(Japan) Core Inflation Rate YoY	Medium	JPY
00:30	(Japan) Inflation Rate MoM	Low	JPY
00:30	(Japan) Inflation Rate YoY	High	JPY
01:30	(Japan) Jibun Bank Composite PMI	Low	JPY
01:30	(Japan) Jibun Bank Services PMI	Medium	JPY
01:30	(Japan) Jibun Bank Manufacturing PMI	Medium	JPY
05:00	(Japan) 3-Month Bill Auction	Low	JPY
07:00	(United Kingdom) Retail Sales MoM	High	GBP
07:00	(United Kingdom) Retail Sales YoY	High	GBP
07:00	(United Kingdom) Retail Sales ex Fuel MoM	High	GBP
07:00	(United Kingdom) Retail Sales ex Fuel YoY	High	GBP
08:00	(Euro Area) ECB Guindos Speech	High	EUR
08:15	(France) S&P Global Composite PMI	Low	EUR
08:15	(France) S&P Global Manufacturing PMI	Medium	EUR
08:15	(France) S&P Global Services PMI	Medium	EUR
08:30	(Germany) S&P Global Composite PMI	Low	EUR
08:30	(Germany) S&P Global Services PMI	High	EUR
08:30	(Germany) S&P Global Manufacturing PMI	High	EUR
09:00	(Euro Area) S&P Global Manufacturing PMI	High	EUR
09:00	(Euro Area) S&P Global Services PMI	High	EUR
09:00	(Euro Area) S&P Global Composite PMI	Low	EUR
09:00	(Italy) Construction Output YoY	Low	EUR
09:30	(Slovenia) Consumer Confidence	Low	EUR
09:30	(Slovenia) PPI YoY	Low	EUR
09:30	(United Kingdom) S&P Global/CIPS Composite PMI	Low	GBP
09:30	(United Kingdom) S&P Global/CIPS Manufacturing PMI	High	GBP
09:30	(United Kingdom) S&P Global/CIPS UK Services PMI	High	GBP
10:00	(Euro Area) Government Debt to GDP	Medium	EUR
10:00	(Euro Area) Government Budget to GDP	Medium	EUR
10:10	(Italy) Index-Linked BTP Auction	Low	EUR
10:10	(Italy) BTP Short Term	Low	EUR
11:00	(Ireland) Wholesale Prices MoM	Low	EUR
11:00	(Ireland) Wholesale Prices YoY	Low	EUR
13:00	(Kosovo) Balance of Trade	Low	EUR
13:30	(Canada) Retail Sales Ex Autos MoM	High	CAD
13:30	(Canada) Retail Sales YoY	High	CAD
13:30	(Canada) Retail Sales MoM	High	CAD
14:45	(United States) S&P Global Manufacturing PMI	High	USD
14:45	(United States) S&P Global Composite PMI	Medium	USD
14:45	(United States) S&P Global Services PMI	High	USD
15:30	(Slovenia) Unemployment Rate	Low	EUR
15:30	(Euro Area) ECB Elderson Speech	Low	EUR
18:00	(El Salvador) Balance of Trade	Low	USD
18:00	(United States) Baker Hughes Total Rig Count	Low	USD
18:00	(United States) Baker Hughes Oil Rig Count	Low	USD
18:45	(Euro Area) ECB Guindos Speech	High	EUR
21:35	(United States) Fed Cook Speech	Medium	USD

Today's Scenario: - In the Asian session, the price of gold (XAU/USD) has been fluctuating above the key psychological resistance level of $2,000. After experiencing a gradual rise, the precious metal has settled around $2,005 as traders await the release of preliminary S&P PMI data from the US to provide further momentum.

S&P500 futures have gained slightly during the Asian session following three consecutive bearish sessions. However, market sentiment has been affected by weak revenue guidance from Tesla due to Elon Musk's price cuts. The US Dollar Index (DXY) has continued to correct lower and is currently trading near 101.77. The USD Index has been consolidating within a range of 100.90-102.03 in recent trading sessions, so a move beyond this range is expected to be a significant move.

Buy Scenario: - Following a dip below the 20-day Exponential Moving Average (EMA) at $1,988.60, the XAU/USD has resumed its upward trend. However, there are still risks of downside movement.

Notably, after reaching a high of $2,048.79, the XAU/USD experienced a decline and has remained within the $1,980-$2,015 range since April 17th. The Gold price has been unable to break decisively above or below this range, and a daily close below $1,980 or above $2,015 is pending. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the downside, the XAU/USD faces immediate resistance at the psychological level of $2,000, followed by the 20-day EMA, and the weekly low of $1,969.34. On the other hand, if the XAU/USD manages to clear the resistance level at $2,015, it could pave the way for a move towards the YTD high of $2,048.79. We do not advise selling XAU/USD.

Support and Resistance Level: -