Daily Analysis For GOLD (XAU/USD) 26-04-2023

Daily Analysis For GOLD (XAU/USD) 26-04-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
GMTEventImpactCurrency
02:30(Australia) RBA Trimmed Mean CPI QoQHighAUD
02:30(Australia) RBA Weighted Median CPI YoYHighAUD
02:30(Australia) RBA Weighted Median CPI QoQHighAUD
02:30(Australia) Inflation Rate QoQMediumAUD
02:30(Australia) Inflation Rate YoYHighAUD
02:30(Australia) RBA Trimmed Mean CPI YoYHighAUD
02:30(Australia) CPIHighAUD
02:30(Australia) Monthly CPI IndicatorHighAUD
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 2-Year JGB AuctionLowJPY
05:30(Netherlands) Retail Sales YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(Germany) GfK Consumer ConfidenceHighEUR
07:45(France) Consumer ConfidenceMediumEUR
08:30(Euro Area) ECB Enria SpeechLowEUR
09:00(Austria) Bank Austria Manufacturing PMIHighEUR
09:00(Switzerland) Economic Sentiment IndexLowCHF
09:30(United Kingdom) Labour Productivity QoQLowGBP
09:30(Slovenia) Retail Sales YoYLowEUR
09:30(Slovenia) Retail Sales MoMLowEUR
10:10(Italy) 6-Month BOT AuctionLowEUR
10:20(Euro Area) ECB Jochnick SpeechLowEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(France) Jobseekers TotalLowEUR
11:00(France) Unemployment Benefit ClaimsMediumEUR
11:00(United Kingdom) CBI Distributive TradesMediumGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:00(Euro Area) ECB Guindos SpeechHighEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(United States) Wholesale Inventories MoMMediumUSD
13:30(United States) Retail Inventories Ex Autos MoMMediumUSD
13:30(United States) Goods Trade BalanceHighUSD
13:30(United States) Non Defense Goods Orders Ex AirLowUSD
13:30(United States) Durable Goods Orders MoMHighUSD
13:30(United States) Durable Goods Orders ex Defense MoMHighUSD
13:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 2-Year FRN AuctionLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 30-Year Bond AuctionLowCAD
18:00(United States) 5-Year Note AuctionLowUSD
18:30(Canada) BoC Summary of DeliberationsMediumCAD
Today's Scenario: - During the Asian session, the gold price (XAU/USD) is facing challenges in surpassing the psychological resistance level of $2,000. Despite this, the precious metal witnessed a remarkable rally on Tuesday as investors turned to gold as a safe haven amid renewed banking concerns.
First Republic Bank's quarterly earnings report revealed that customers' deposits have fallen significantly below expectations. As a result, the bank will have to depend on external funding to provide loans, which will likely come at a higher interest rate and affect its net interest margins (NIMs).
Buy Scenario: - The price of gold (XAU/USD) has bounced back from the lower line of the one-month-old ascending trend channel bullish formation, and has recently broken through the 21-day moving average (DMA). This has added strength to the bullish bias, supported by the steady relative strength index (RSI) line, which is placed at 14 and staying near the 50.0 level.
However, the Moving Average Convergence and Divergence (MACD) indicator is giving bearish signals, which is attracting XAU/USD sellers amid risk aversion.
The psychological resistance of $2,000 and the recent top surrounding $2,050 may act as hurdles for XAU/USD buyers before directing them towards the aforementioned channel’s upper line, which is currently around $2,055. Till we did not advise to buy XAU/USD.
Selling Scenario: - On the other hand, Gold bears need to validate the stated channel's lower line, which is close to $1,983 at the moment, to retake control. However, the February high of around $1,960 and the 50-DMA level near $1,925 could encourage Gold price declines. It's worth noting that a rising trend line from November 2022, near $1,885, acts as the last defense of the XAU/USD bulls.
Overall, the Gold price is likely to rise further, but the path towards the north appears to be bumpy. We do not advise selling XAU/USD.
Support and Resistance Level: -
SupportResistance
S1 1981.06-R1 2008.72
S2 1964.80-R2 2020.12
S3 1953.40-R3 2036.38

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