Daily Analysis For GOLD (XAU/USD) 22-03-2023

Daily Analysis For GOLD (XAU/USD) 22-03-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
00:00(Australia) Westpac Leading Index MoMLowAUD
05:30(Netherlands) Consumer ConfidenceMediumEUR
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Slovakia) Current AccountLowEUR
08:00(Switzerland) Current AccountMediumCHF
08:45(Euro Area) ECB President Lagarde SpeechMediumEUR
09:00(Euro Area) Current AccountLowEUR
09:00(Euro Area) Current Account s.aLowEUR
09:30(Euro Area) ECB Lane SpeechMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Italy) Current AccountLowEUR
10:00(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 10-Year Bund AuctionMediumEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United States) MBA 30-Year Mortgage RateMediumUSD
11:00(United States) MBA Mortgage ApplicationsLowUSD
11:00(United States) MBA Mortgage Market IndexLowUSD
11:00(United States) MBA Mortgage Refinance IndexLowUSD
11:00(United States) MBA Purchase IndexLowUSD
11:30(Portugal) Current AccountLowEUR
12:05(Germany) Bundesbank Mauderer SpeechLowEUR
12:30(Canada) New Housing Price Index MoMMediumCAD
12:30(Canada) New Housing Price Index YoYMediumCAD
13:45(Euro Area) ECB Panetta SpeechLowEUR
14:00(Kosovo) Balance of TradeLowEUR
14:30(United States) EIA Refinery Crude Runs ChangeLowUSD
14:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
14:30(United States) EIA Heating Oil Stocks ChangeLowUSD
14:30(United States) EIA Gasoline Production ChangeLowUSD
14:30(United States) EIA Distillate Stocks ChangeLowUSD
14:30(United States) EIA Crude Oil Imports ChangeLowUSD
14:30(United States) EIA Gasoline Stocks ChangeMediumUSD
14:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
14:30(United States) EIA Distillate Fuel Production ChangeLowUSD
15:30(United States) 17-Week Bill AuctionLowUSD
17:00(Germany) Bundesbank Nagel SpeechLowEUR
17:30(Canada) BoC Summary of DeliberationsMediumCAD
18:00(United States) Fed Interest Rate DecisionHighUSD
18:00(United States) FOMC Economic ProjectionsHighUSD
18:00(United States) Interest Rate Projection - LongerMediumUSD
18:00(United States) Interest Rate Projection - CurrentMediumUSD
18:00(United States) Interest Rate Projection - 2nd YrMediumUSD
18:00(United States) Interest Rate Projection - 1st YrMediumUSD
18:30(United States) Fed Press ConferenceHighUSD
23:00(Japan) Reuters Tankan IndexMediumJPY
Today's Scenario: - XAU/USD is expected to trade in a tight range as investors await the Federal Reserve's interest rate decision. The price of gold fell sharply after reaching the $2,000 level earlier this week.
Buy Scenario: - XAU/USD is currently facing resistance around $1,983, which was previously a support level. Beyond that, the longer-term ascending trend line near the $2,000 level will be a key level to watch. If the price manages to break above $2,000, the 61.8% Fibonacci Expansion level of the pair's moves between November 2022 and February 2023, around $2,018, could act as an additional hurdle for buyers.
However, the road to the upside may not be smooth, as there could be several obstacles in the way. The market is eagerly waiting for the Federal Reserve's rate decision, and this could impact the direction of gold prices. Additionally, gold prices experienced a sharp retracement after reaching $2,000 on Monday, indicating that sellers are still present in the market. Overall, the outlook for gold remains uncertain, and further price action is needed to determine the next direction for XAU/USD. Till we did not advise to buy XAU/USD.
Selling Scenario: - Gold price is currently experiencing a bearish trend, having reversed course from a resistance line that is seven months old. This trend may continue as the XAU/USD pair attempts to break a two-week-long upward trend line ahead of the Federal Reserve's important monetary policy meeting. The bearish bias is further strengthened by the Relative Strength Index (RSI) line, which is currently in a pullback position. However, the Moving Average Convergence and Divergence (MACD) indicator is giving bullish signals, which suggests limited downside potential. The short-term key support is located around the 50-day moving average (DMA) at $1,883. If this support level is broken, the bulls' last defense is the 100-DMA level around $1,830. We do not advise selling XAU/USD.
Support and Resistance Level: -
SupportResistance
S1 1922.06-R1 1971.83
S2 1903.89-R2 2003.43
S3 1872.29-R3 2021.60

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