Daily Analysis For GOLD (XAU/USD) 27-04-2023

Daily Analysis For GOLD (XAU/USD) 27-04-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
00:01(Ireland) Consumer ConfidenceLowEUR
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
01:00(Netherlands) King's BirthdayNoneEUR
02:00(New Zealand) ANZ Business ConfidenceMediumNZD
02:30(Australia) Export Prices QoQLowAUD
02:30(Australia) Import Prices QoQLowAUD
02:30(China) Industrial Profits (YTD) YoYLowCNY
06:00(Japan) Leading Economic IndexLowJPY
06:00(Japan) Coincident IndexLowJPY
06:00(Finland) Consumer ConfidenceLowEUR
06:00(Finland) Business ConfidenceLowEUR
07:00(Lithuania) Retail Sales MoMLowEUR
07:00(Lithuania) Retail Sales YoYLowEUR
08:00(Slovakia) Consumer ConfidenceLowEUR
08:00(Slovakia) Business ConfidenceLowEUR
08:00(Spain) Retail Sales YoYHighEUR
08:00(Spain) Unemployment RateHighEUR
08:00(Spain) Retail Sales MoMHighEUR
09:00(Italy) Consumer ConfidenceMediumEUR
09:00(Italy) Business ConfidenceMediumEUR
09:30(Portugal) Business ConfidenceLowEUR
09:30(Portugal) Consumer ConfidenceLowEUR
10:00(Euro Area) Consumer ConfidenceLowEUR
10:00(Euro Area) Industrial SentimentLowEUR
10:00(Euro Area) Services SentimentLowEUR
10:00(Euro Area) Economic SentimentMediumEUR
10:00(Euro Area) Consumer Inflation ExpectationsLowEUR
10:00(Euro area) Selling Price ExpectationsLowEUR
10:00(Montenegro) Balance of TradeLowEUR
10:00(Montenegro) Tourist Arrivals YoYLowEUR
10:00(Belgium) GDP Growth Rate QoQLowEUR
10:00(Belgium) GDP Growth Rate YoYLowEUR
10:10(Italy) 10-Year BTP AuctionLowEUR
10:10(Italy) 5-Year BTP AuctionLowEUR
10:30(Belgium) Inflation Rate YoYLowEUR
10:30(Belgium) Inflation Rate MoMLowEUR
10:30(Cyprus) Industrial Production YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Latvia) GDP Growth Rate QoQLowEUR
11:00(Latvia) GDP Growth Rate YoYLowEUR
12:00(Spain) Business ConfidenceMediumEUR
12:00(Canada) CFIB Business BarometerLowCAD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Real Consumer Spending QoQLowUSD
13:30(United States) Core PCE Prices QoQLowUSD
13:30(United States) GDP Sales QoQLowUSD
13:30(United States) PCE Prices QoQLowUSD
13:30(United States) GDP Price Index QoQMediumUSD
13:30(United States) GDP Growth Rate QoQHighUSD
13:30(Canada) Average Weekly Earnings YoYLowCAD
15:00(United States) Pending Home Sales MoMMediumUSD
15:00(United States) Pending Home Sales YoYMediumUSD
15:01(Australia) CoreLogic Dwelling Prices MoMLowAUD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:00(United States) Kansas Fed Composite IndexLowUSD
16:00(United States) Kansas Fed Manufacturing IndexLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
17:15(Euro Area) ECB Panetta SpeechLowEUR
18:00(United States) 7-Year Note AuctionLowUSD
22:00(New Zealand) ANZ Roy Morgan Consumer ConfidenceLowNZD

Today's Scenario: - The price of gold (XAU/USD) has given up its gains from the previous week and is currently trading around $1,990. This drop is attributed to the cautious sentiment in the market ahead of the release of the United States' first quarter Gross Domestic Product (GDP) report, as well as concerns regarding the banking sector and mixed US data. Additionally, the recent rebound in the US Dollar has contributed to the decline in the price of gold. The ongoing voting on a bill proposing an increase in the US debt ceiling has also added to market anxiety, putting further downward pressure on the price of gold.

Buy Scenario: - The Gold price is currently trading within a narrow range, with resistance at an eight-day-old descending trendline around $2,010 and support at $1,978, which includes the 200-bar Simple Moving Average and a five-week-long upward-sloping trendline. The Relative Strength Index (RSI) is steady at 14, indicating that the current trend is likely to continue. However, the Moving Average Convergence and Divergence (MACD) indicator suggests further upside for XAU/USD. A successful break of the $2,010 resistance could trigger a run-up towards the monthly high of around $2,049, followed by $2,050 and 61.8% Fibonacci Expansion around $2,070. Till we did not advise to buy XAU/USD.

Selling Scenario: - On the downside, a break of the $1,978 support could lead to a drop towards the late March swing low around $1,934. Overall, the Gold price remains on the bull's radar as the United States Gross Domestic Product data looms. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 1978.46-R1 2004.47
S2 1967.93-R2 2019.95
S3 1952.45-R3 2030.48


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