Daily Analysis For GOLD (XAU/USD)  26-01-2023

Daily Analysis For GOLD (XAU/USD) 26-01-2023

Gold (XAUUSD) Analysis
Gold (XAUUSD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventCurrency
13:00-(United States) Building PermitsUSD
13:30-(United States) Jobless Claims 4-week AverageUSD
13:30-(United States) Continuing Jobless ClaimsUSD
13:30-(United States) Initial Jobless ClaimsUSD
13:30-(United States) Goods Trade BalanceUSD
13:30-(United States) Retail Inventories Ex Autos MoMUSD
13:30-(United States) Wholesale Inventories MoMUSD
13:30-(United States) GDP Price Index QoQUSD
13:30-(United States) GDP Growth Rate QoQUSD
13:30-(United States) Durable Goods Orders ex Defense MoMUSD
13:30-(United States) Durable Goods Orders Ex Transp MoMUSD
13:30-(United States) Durable Goods Orders MoMUSD
15:00-(United States) New Home Sales MoMUSD
15:00-(United States) New Home SalesUSD

Today's Scenario : - The gold price is trying to break above the $1,950.00 resistance as market concern rises ahead of the US GDP. The USD Index is forming a cushion around 101.10, although a collapse might occur amid a risk-on attitude. US rates are declining as the probability of a lesser Fed interest rate increase increases.

Buy Scenario : - The 14-day Relative Strength Index (RSI) is once again in the overbought region, which may give the drop in the price of gold more legs. However, if the growth estimates for the US dispel concerns of a recession, this might spark a risk rally on international markets and reduce demand for the safe-haven US Dollar. In such a case, the price of gold can see a further upsurge over the symbolic level of $1,950. The next upward objective for gold bulls is expected to approach the highs of April 20, 2022, close to $1,958. The previous April high of $1,998 will once again come into play with a sustained rise above the latter. We do not advise buying XAU/USD.

Selling Scenario : - Gold price finally broke above the top limit of a rising wedge formation on a daily closing basis on Wednesday after testing it many times this week. The current price for that upward barrier is $1,945. The rising wedge's inherent inclination is to produce a downward break. As a result, gold purchasers are still unconvinced, especially as they wait for the first estimate of the US GDP to be released. Should the most important US economic indicators show symptoms of weakness, the US economy may be slowing down. As a result, the price of gold may continue to decline correctively and challenge the wedge support at $1,937. Further south, Gold sellers are anticipated to try the $1,920 low from the previous day, below which a test of the $1,900 level will unavoidably occur. We do not advise selling XAU/USD.

Support and Resistance Level : -
SupportResistance
S1 1,899.70-R1 1,919.30
S2 1,884.60-R2 1,930.00
S3 1,874.15-R3 1,941.85

Discussion

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