Published on Mar 24, 2023

Daily Analysis For GOLD (XAU/USD) 24-03-2023

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
0:01	(Ireland) Consumer Confidence	Low	EUR
0:01	(United Kingdom) Gfk Consumer Confidence	High	GBP
0:30	(Japan) Jibun Bank Services PMI	Medium	JPY
0:30	(Japan) Jibun Bank Composite PMI	Low	JPY
0:30	(Japan) Jibun Bank Manufacturing PMI	Medium	JPY
3:35	(Japan) 3-Month Bill Auction	Low	JPY
5:30	(Netherlands) GDP Growth Rate QoQ	Medium	EUR
5:30	(Netherlands) GDP Growth Rate YoY	Medium	EUR
6:00	(Finland) Import Prices YoY	Low	EUR
6:00	(Finland) PPI YoY	Low	EUR
6:00	(Finland) Export Prices YoY	Low	EUR
7:00	(United Kingdom) Retail Sales MoM	High	GBP
7:00	(United Kingdom) Retail Sales YoY	High	GBP
7:00	(United Kingdom) Retail Sales ex Fuel MoM	High	GBP
7:00	(United Kingdom) Retail Sales ex Fuel YoY	High	GBP
8:00	(European Union) European Council Meeting	Medium	EUR
8:00	(Spain) PPI YoY	Low	EUR
8:00	(Spain) GDP Growth Rate QoQ	Medium	EUR
8:00	(Spain) GDP Growth Rate YoY	Medium	EUR
8:15	(France) S&P Global Composite PMI	Low	EUR
8:15	(France) S&P Global Services PMI	Medium	EUR
8:15	(France) S&P Global Manufacturing PMI	Medium	EUR
8:30	(Germany) S&P Global Composite PMI	Low	EUR
8:30	(Germany) S&P Global Services PMI	High	EUR
8:30	(Germany) S&P Global Manufacturing PMI	High	EUR
9:00	(Euro Area) S&P Global Composite PMI	Low	EUR
9:00	(Euro Area) S&P Global Manufacturing PMI	High	EUR
9:00	(Euro Area) S&P Global Services PMI	High	EUR
9:30	(Slovenia) Business Confidence	Low	EUR
9:30	(Slovenia) Tourist Arrivals YoY	Low	EUR
9:30	(United Kingdom) S&P Global/CIPS Composite PMI	Low	GBP
9:30	(United Kingdom) S&P Global/CIPS Manufacturing PMI	High	GBP
9:30	(United Kingdom) S&P Global/CIPS UK Services PMI	High	GBP
9:30	(Germany) Bundesbank Nagel Speech	Low	EUR
11:00	(Luxembourg) Current Account	Low	EUR
11:00	(Netherlands) Current Account	Low	EUR
12:30	(Canada) Wholesale Sales MoM	Low	CAD
12:30	(Canada) Retail Sales YoY	High	CAD
12:30	(Canada) Retail Sales Ex Autos MoM	High	CAD
12:30	(Canada) Retail Sales MoM	High	CAD
12:30	(Canada) Manufacturing Sales MoM	Low	CAD
12:30	(United States) Non Defense Goods Orders Ex Air	Low	USD
12:30	(United States) Durable Goods Orders ex Defense MoM	High	USD
12:30	(United States) Durable Goods Orders MoM	High	USD
12:30	(United States) Durable Goods Orders Ex Transp MoM	High	USD
13:30	(United States) Fed Bullard Speech	Medium	USD
13:45	(United States) S&P Global Composite PMI	Medium	USD
13:45	(United States) S&P Global Services PMI	High	USD
13:45	(United States) S&P Global Manufacturing PMI	High	USD
14:00	(Belgium) Business Confidence	Low	EUR
16:00	(United Kingdom) BoE L Mann Speech	Medium	GBP
17:00	(United States) Baker Hughes Oil Rig Count	Low	USD
17:00	(United States) Baker Hughes Total Rig Count	Low	USD

Today's Scenario: - Gold price is showing a lack of momentum on Friday as buyers take a break following the recent strong rally. The US Dollar is also experiencing consolidation after its previous rebound, as investors await the preliminary release of the US S&P Global Manufacturing and Services PMI data.

Buy Scenario: - Gold price is currently struggling to maintain its rebound from the one-week-old horizontal support level. The previous support line from early March is now acting as resistance and pushing back XAU/USD bulls, while the RSI has retreated. However, the bullish MACD signals and the fact that Gold has been hesitant to welcome bears, as indicated by the 100-SMA remaining above the 200-SMA, keep Gold buyers hopeful. The previous monthly high near $1,960 is now acting as immediate support for XAU/USD bears to monitor if the price weakens further, followed by the horizontal support level around $1,935. Till we did not advise to buy XAU/USD.

Selling Scenario: - If the Gold price continues to fall, the next levels of support for buyers to defend are the 100-SMA and 200-SMA, which are located around $1,898 and $1,869 respectively. On the other hand, if the price bounces back, the immediate resistance level to watch is the $2,000 psychological level. However, there is a strong resistance zone near $2,015, which is formed by an upward-sloping trendline from January 26 and a previous support line from two weeks ago. Breaking above this level could signal a potential rally towards the previous yearly high of around $2,070. We do not advise selling XAU/USD.

Support and Resistance Level: -