Daily Analysis For GOLD (XAU/USD) 24-04-2023

Daily Analysis For GOLD (XAU/USD) 24-04-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
07:00(Lithuania) Industrial Production YoYLowEUR
07:00(Lithuania) Industrial Production MoMLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
09:30(Slovenia) Business ConfidenceLowEUR
13:30(Canada) New Housing Price Index MoMMediumCAD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(United States) Chicago Fed National Activity IndexMediumUSD
13:30(Canada) Wholesale Sales MoMLowCAD
14:00(Belgium) Business ConfidenceLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:30(United States) Dallas Fed Manufacturing IndexMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
17:00(Canada) 3-Year Bond AuctionLowCAD
18:00(El Salvador) Balance of TradeLowUSD

Today's Scenario: - During the Asian trading session, the value of gold (XAU/USD) remains stable above the crucial support level of $1,980.00. The precious metal is currently experiencing some difficulty hovering around $1,985.00, likely due to the mixed signals presented by the US Dollar Index (DXY) regarding its crucial support level of 101.63. Over the past four trading sessions, the DXY has been fluctuating wildly in a wide range of 101.63-102.27, causing investors to anticipate a decisive move in the near future.
Investors are keeping a close eye on the DXY, hoping for a clear indication of its direction as it could have significant implications for the gold market. Should the DXY break below its support level, it may prompt a surge in the value of gold as investors flock to the safe haven asset to hedge against inflation and other economic uncertainties.

Buy Scenario: - On the daily timeframe, the price of gold is currently testing the lower boundary of an ascending channel that started from the low of $1,934. The precious metal is also struggling to stay above the widely-watched $2,000 level. If the current channel support is broken, the next support levels to consider are $1,949 and the 50-day simple moving average at $1,919. Additionally, a longer-term channel support extended from the low of $1,916 may come into play.
On a shorter-term timeframe, the H1 scale shows that the price has rebounded from the support level of $1,972, which coincides with the local channel support on the daily timeframe. If this rebound continues, the price may reach the H1 resistance levels of $1,992 and $2,001, located just below $2,000. Till we did not advise to buy XAU/USD.

Selling Scenario: - Overall, the charts suggest that bearish players may have the upper hand in the medium term, especially if the price breaks below the weekly support level at $1,988. If additional recovery gains occur, sellers may try to enter the market in the range between $2,000 and $1,992 on the H1 timeframe. However, if the price fails to hold above this range, a close below the support level of $1,972 could trigger a breakout, leading sellers to aim for H1 support at $1,964 and $1,955. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 1967.90-R1 2001.86
S2 1952.78-R2 2020.70
S3 1933.94-R3 2035.82


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