Published on Apr 25, 2023

Daily Analysis For GOLD (XAU/USD) 25-04-2023

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
01:00	(Australia) ANZAC Day	None	AUD
01:00	(Italy) Liberation Day	None	EUR
01:00	(New Zealand) ANZAC Day	None	NZD
01:00	(Portugal) Liberty Day	None	EUR
03:45	(East Timor) Inflation Rate MoM	Low	USD
03:45	(East Timor) Inflation Rate YoY	Low	USD
07:00	(Switzerland) Balance of Trade	Medium	CHF
07:00	(United Kingdom) Public Sector Net Borrowing	Low	GBP
07:00	(United Kingdom) Public Sector Net Borrowing Ex Banks	Low	GBP
08:00	(Spain) PPI YoY	Low	EUR
09:00	(Euro Area) ECB Enria Speech	Low	EUR
09:30	(Slovenia) Tourist Arrivals YoY	Low	EUR
10:00	(United Kingdom) BoE Member Broadbent	Low	GBP
10:30	(Germany) 2-Year Schatz Auction	Low	EUR
11:00	(Latvia) PPI MoM	Low	EUR
11:00	(Latvia) PPI YoY	Low	EUR
11:00	(Luxembourg) Balance of Trade	Low	EUR
11:00	(United Kingdom) CBI Industrial Trends Orders	Medium	GBP
11:00	(United Kingdom) CBI Business Optimism Index	Medium	GBP
13:00	(United States) Building Permits	Medium	USD
13:00	(United States) Building Permits MoM	Low	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(United States) House Price Index	Low	USD
14:00	(United States) House Price Index YoY	Low	USD
14:00	(United States) House Price Index MoM	Low	USD
14:00	(United States) S&P/Case-Shiller Home Price MoM	Medium	USD
14:00	(United States) S&P/Case-Shiller Home Price YoY	Medium	USD
15:00	(United States) Richmond Fed Manufacturing Shipments Index	Low	USD
15:00	(United States) CB Consumer Confidence	Medium	USD
15:00	(United States) Richmond Fed Services Index	Low	USD
15:00	(United States) Richmond Fed Manufacturing Index	Low	USD
15:00	(United States) New Home Sales	High	USD
15:00	(United States) New Home Sales MoM	High	USD
15:30	(United States) Dallas Fed Services Revenues Index	Low	USD
15:30	(United States) Dallas Fed Services Index	Low	USD
15:30	(United States) NY Fed Treasury Purchases 4.5 to 7 yrs	Low	USD
18:00	(United States) 2-Year Note Auction	Low	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD
23:45	(New Zealand) Imports	Low	NZD
23:45	(New Zealand) Exports	Low	NZD
23:45	(New Zealand) Balance of Trade	Medium	NZD

Today's Scenario: - The price of gold (XAU/USD) has been consolidating over the past two weeks following losses. This is due to a decrease in market sentiment, which has allowed traders to prepare for the upcoming key US Q1 GDP and Core PCE Price Index. However, in order for the recent bounce in gold prices to be confirmed, it must break through the psychological level of $2,000 and react positively to the upcoming US data. The concerns surrounding the US debt ceiling and pre-Fed preparations have also contributed to a sour sentiment in the market, but gold prices have remained stable due to the US Dollar's inability to rally despite the negative sentiment.

Buy Scenario: - According to our Technical Confluence indicator, the Gold price has retreated from the convergence of the Bollinger on the one-day and Pivot Point one-day R1 levels, which is located around the $2,000 psychological level. The $2,010 level is now seen as a strong resistance level as it includes the Pivot Point one week R1 and the previous monthly high.

If Gold manages to surpass the $2,010 resistance level, it may climb towards the monthly high at around $2,050. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the other hand, if the price falls below the immediate key support level of around $1,987, which is the Fibonacci 38.2% on one week and 23.6% on one day, the next support level could be around $1,980, which is the Fibonacci 61.8% on one day and 23.6% on one week, and could be the last defense for the XAU/USD bulls. We do not advise selling XAU/USD.

Support and Resistance Level: -