Published on Apr 27, 2023

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

Gold (XAU/USD) Analysis

Economic Events and Scenario for XAU/USD (GOLD)

Economic Events :-

GMT	Event	Impact	Currency
00:01	(Ireland) Consumer Confidence	Low	EUR
00:50	(Japan) Foreign Bond Investment	Low	JPY
00:50	(Japan) Stock Investment by Foreigners	Low	JPY
01:00	(Netherlands) King's Birthday	None	EUR
02:00	(New Zealand) ANZ Business Confidence	Medium	NZD
02:30	(Australia) Export Prices QoQ	Low	AUD
02:30	(Australia) Import Prices QoQ	Low	AUD
02:30	(China) Industrial Profits (YTD) YoY	Low	CNY
06:00	(Japan) Leading Economic Index	Low	JPY
06:00	(Japan) Coincident Index	Low	JPY
06:00	(Finland) Consumer Confidence	Low	EUR
06:00	(Finland) Business Confidence	Low	EUR
07:00	(Lithuania) Retail Sales MoM	Low	EUR
07:00	(Lithuania) Retail Sales YoY	Low	EUR
08:00	(Slovakia) Consumer Confidence	Low	EUR
08:00	(Slovakia) Business Confidence	Low	EUR
08:00	(Spain) Retail Sales YoY	High	EUR
08:00	(Spain) Unemployment Rate	High	EUR
08:00	(Spain) Retail Sales MoM	High	EUR
09:00	(Italy) Consumer Confidence	Medium	EUR
09:00	(Italy) Business Confidence	Medium	EUR
09:30	(Portugal) Business Confidence	Low	EUR
09:30	(Portugal) Consumer Confidence	Low	EUR
10:00	(Euro Area) Consumer Confidence	Low	EUR
10:00	(Euro Area) Industrial Sentiment	Low	EUR
10:00	(Euro Area) Services Sentiment	Low	EUR
10:00	(Euro Area) Economic Sentiment	Medium	EUR
10:00	(Euro Area) Consumer Inflation Expectations	Low	EUR
10:00	(Euro area) Selling Price Expectations	Low	EUR
10:00	(Montenegro) Balance of Trade	Low	EUR
10:00	(Montenegro) Tourist Arrivals YoY	Low	EUR
10:00	(Belgium) GDP Growth Rate QoQ	Low	EUR
10:00	(Belgium) GDP Growth Rate YoY	Low	EUR
10:10	(Italy) 10-Year BTP Auction	Low	EUR
10:10	(Italy) 5-Year BTP Auction	Low	EUR
10:30	(Belgium) Inflation Rate YoY	Low	EUR
10:30	(Belgium) Inflation Rate MoM	Low	EUR
10:30	(Cyprus) Industrial Production YoY	Low	EUR
11:00	(Latvia) Retail Sales MoM	Low	EUR
11:00	(Latvia) Retail Sales YoY	Low	EUR
11:00	(Latvia) GDP Growth Rate QoQ	Low	EUR
11:00	(Latvia) GDP Growth Rate YoY	Low	EUR
12:00	(Spain) Business Confidence	Medium	EUR
12:00	(Canada) CFIB Business Barometer	Low	CAD
13:30	(United States) Initial Jobless Claims	High	USD
13:30	(United States) Jobless Claims 4-week Average	High	USD
13:30	(United States) Continuing Jobless Claims	High	USD
13:30	(United States) Real Consumer Spending QoQ	Low	USD
13:30	(United States) Core PCE Prices QoQ	Low	USD
13:30	(United States) GDP Sales QoQ	Low	USD
13:30	(United States) PCE Prices QoQ	Low	USD
13:30	(United States) GDP Price Index QoQ	Medium	USD
13:30	(United States) GDP Growth Rate QoQ	High	USD
13:30	(Canada) Average Weekly Earnings YoY	Low	CAD
15:00	(United States) Pending Home Sales MoM	Medium	USD
15:00	(United States) Pending Home Sales YoY	Medium	USD
15:01	(Australia) CoreLogic Dwelling Prices MoM	Low	AUD
15:30	(United States) EIA Natural Gas Stocks Change	Low	USD
16:00	(United States) Kansas Fed Composite Index	Low	USD
16:00	(United States) Kansas Fed Manufacturing Index	Low	USD
16:30	(United States) 8-Week Bill Auction	Low	USD
16:30	(United States) 4-Week Bill Auction	Low	USD
17:15	(Euro Area) ECB Panetta Speech	Low	EUR
18:00	(United States) 7-Year Note Auction	Low	USD
22:00	(New Zealand) ANZ Roy Morgan Consumer Confidence	Low	NZD

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: -