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

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

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:01(United Kingdom) Gfk Consumer ConfidenceHighGBP
00:30(Japan) Inflation Rate Ex-Food and Energy YoYLowJPY
00:30(Japan) Core Inflation Rate YoYMediumJPY
00:30(Japan) Inflation Rate MoMLowJPY
00:30(Japan) Inflation Rate YoYHighJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
05:00(Japan) 3-Month Bill AuctionLowJPY
07:00(United Kingdom) Retail Sales MoMHighGBP
07:00(United Kingdom) Retail Sales YoYHighGBP
07:00(United Kingdom) Retail Sales ex Fuel MoMHighGBP
07:00(United Kingdom) Retail Sales ex Fuel YoYHighGBP
08:00(Euro Area) ECB Guindos SpeechHighEUR
08:15(France) S&P Global Composite PMILowEUR
08:15(France) S&P Global Manufacturing PMIMediumEUR
08:15(France) S&P Global Services PMIMediumEUR
08:30(Germany) S&P Global Composite PMILowEUR
08:30(Germany) S&P Global Services PMIHighEUR
08:30(Germany) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Italy) Construction Output YoYLowEUR
09:30(Slovenia) Consumer ConfidenceLowEUR
09:30(Slovenia) PPI YoYLowEUR
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
09:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
10:00(Euro Area) Government Debt to GDPMediumEUR
10:00(Euro Area) Government Budget to GDPMediumEUR
10:10(Italy) Index-Linked BTP AuctionLowEUR
10:10(Italy) BTP Short TermLowEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
13:00(Kosovo) Balance of TradeLowEUR
13:30(Canada) Retail Sales Ex Autos MoMHighCAD
13:30(Canada) Retail Sales YoYHighCAD
13:30(Canada) Retail Sales MoMHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:30(Slovenia) Unemployment RateLowEUR
15:30(Euro Area) ECB Elderson SpeechLowEUR
18:00(El Salvador) Balance of TradeLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:45(Euro Area) ECB Guindos SpeechHighEUR
21:35(United States) Fed Cook SpeechMediumUSD

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: -
S1 1992.76-R1 2014.64
S2 1980.72-R2 2024.48
S3 1970.88-R3 2036.52


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