Daily Analysis For GOLD (XAU/USD) 28-04-2023

Daily Analysis For GOLD (XAU/USD) 28-04-2023

Gold (XAU/USD) Analysis
Gold (XAU/USD)
Economic Events and Scenario for XAU/USD (GOLD)
Economic Events :-
00:01(United Kingdom) Car Production YoYLowGBP
00:30(Japan) Unemployment RateMediumJPY
00:30(Japan) Jobs/applications ratioLowJPY
00:30(Japan) Tokyo CPI Ex Food and Energy YoYLowJPY
00:30(Japan) Tokyo Core CPI YoYLowJPY
00:30(Japan) Tokyo CPI YoYLowJPY
00:50(Japan) Industrial Production MoMMediumJPY
00:50(Japan) Industrial Production YoYLowJPY
00:50(Japan) Retail Sales YoYMediumJPY
00:50(Japan) Retail Sales MoMLowJPY
01:00(Euro Area) Eurogroup MeetingMediumEUR
02:30(Australia) Private Sector Credit YoYLowAUD
02:30(Australia) Private Sector Credit MoMLowAUD
02:30(Australia) PPI YoYLowAUD
02:30(Australia) PPI QoQMediumAUD
02:30(Australia) Housing Credit MoMMediumAUD
04:00(Japan) BoJ Interest Rate DecisionHighJPY
04:00(Japan) BoJ Quarterly Outlook ReportMediumJPY
06:00(Estonia) Retail Sales YoYLowEUR
06:00(Estonia) Retail Sales MoMLowEUR
06:00(Japan) Housing Starts YoYMediumJPY
06:00(Japan) Construction Orders YoYLowJPY
06:30(France) GDP Growth Rate YoYHighEUR
06:30(France) GDP Growth Rate QoQHighEUR
06:30(France) Household Consumption MoMLowEUR
06:30(Germany) North Rhine Westphalia CPI YoYHighEUR
06:30(Germany) North Rhine Westphalia CPI MoMHighEUR
07:00(Germany) Import Prices MoMLowEUR
07:00(Germany) Import Prices YoYLowEUR
07:30(Switzerland) Retail Sales MoMHighCHF
07:30(Switzerland) Retail Sales YoYHighCHF
07:45(France) PPI YoYLowEUR
07:45(France) PPI MoMLowEUR
07:45(France) Inflation Rate YoYHighEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
07:45(France) Inflation Rate MoMMediumEUR
08:00(Austria) PPI YoYLowEUR
08:00(Austria) GDP Growth Rate QoQLowEUR
08:00(Austria) PPI MoMLowEUR
08:00(Austria) GDP Growth Rate YoYLowEUR
08:00(Spain) GDP Growth Rate YoYMediumEUR
08:00(Spain) GDP Growth Rate QoQMediumEUR
08:00(Spain) Inflation Rate YoYMediumEUR
08:00(Spain) Inflation Rate MoMMediumEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Switzerland) KOF Leading IndicatorsMediumCHF
08:55(Germany) Unemployment RateHighEUR
08:55(Germany) Unemployment ChangeHighEUR
08:55(Germany) Unemployed PersonsMediumEUR
09:00(European Union) Informal ECOFIN MeetingLowEUR
09:00(Germany) Baden Wuerttemberg CPI YoYHighEUR
09:00(Germany) Baden Wuerttemberg CPI MoMHighEUR
09:00(Germany) Bavaria CPI MoMHighEUR
09:00(Germany) Bavaria CPI YoYHighEUR
09:00(Germany) Brandenburg CPI MoMHighEUR
09:00(Germany) Brandenburg CPI YoYHighEUR
09:00(Germany) Hesse CPI MoMHighEUR
09:00(Germany) Hesse CPI YoYHighEUR
09:00(Germany) GDP Growth Rate QoQHighEUR
09:00(Germany) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate QoQHighEUR
09:00(Spain) Current AccountLowEUR
09:00(Switzerland) SNB Jordan SpeechLowCHF
09:30(Portugal) GDP Growth Rate YoYLowEUR
09:30(Portugal) GDP Growth Rate QoQLowEUR
09:30(Slovenia) Inflation Rate MoMLowEUR
09:30(Slovenia) CPILowEUR
09:30(Slovenia) Harmonised Inflation Rate YoYLowEUR
09:30(Slovenia) Inflation Rate YoYLowEUR
10:00(Euro Area) GDP Growth Rate YoYHighEUR
10:00(Euro Area) GDP Growth Rate QoQHighEUR
10:00(Germany) Saxony CPI MoMHighEUR
10:00(Germany) Saxony CPI YoYHighEUR
10:00(Greece) Retail Sales YoYHighEUR
10:00(Greece) PPI YoYLowEUR
10:00(Malta) PPI YoYLowEUR
10:30(Belgium) PPI YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Italy) Industrial Sales YoYLowEUR
11:00(Italy) Industrial Sales MoMLowEUR
11:00(Ireland) Retail Sales YoYLowEUR
11:00(Ireland) Retail Sales MoMLowEUR
11:00(Luxembourg) PPI YoYLowEUR
11:00(Portugal) Inflation Rate YoYLowEUR
11:00(Portugal) Inflation Rate MoMLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
13:00(Germany) Harmonised Inflation Rate MoMLowEUR
13:00(Germany) Inflation Rate MoMMediumEUR
13:00(Germany) Inflation Rate YoYHighEUR
13:00(Germany) Harmonised Inflation Rate YoYLowEUR
13:30(Canada) GDP MoMMediumCAD
13:30(Canada) GDP MoMMediumCAD
13:30(United States) Employment Cost - Benefits QoQMediumUSD
13:30(United States) Employment Cost - Wages QoQMediumUSD
13:30(United States) Core PCE Price Index YoYLowUSD
13:30(United States) Core PCE Price Index MoMHighUSD
13:30(United States) PCE Price Index YoYMediumUSD
13:30(United States) PCE Price Index MoMMediumUSD
13:30(United States) Personal Income MoMHighUSD
13:30(United States) Personal Spending MoMHighUSD
13:30(United States) Employment Cost Index QoQMediumUSD
13:30(Germany) Bundesbank Wuermeling SpeechLowEUR
14:45(United States) Chicago PMIMediumUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:00(Canada) Budget BalanceLowCAD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - Despite its traditional safe-haven status, the price of gold (XAU/USD) has been under pressure below the $2,000 mark for the past three days. Even though buyers of the yellow metal are expecting weekly gains, the XAU/USD seems to be ignoring the recent recovery of the US Dollar, which has been supported by positive inflation signals from the US economic calendar. The policymakers' inability to agree on measures ahead of the likely due date in June regarding the US debt ceiling expiration is also contributing to this uncertainty. Moreover, the positive performance of equities due to the strong results of technology companies is allowing gold prices to remain firm.
It is worth noting that the recent fears stemming from the First Republic Bank (FRB) are also playing a role in the rebound of gold prices, despite the lackluster moves of the US Dollar ahead of the Federal Reserve's preferred inflation gauge, namely the US Core PCE Price Index for March. The index is expected to ease to 4.5% YoY from the previous reading of 4.6%. Along the same line, the tensions between the US and China, as well as the latest harsh comments from a Chinese diplomat to Japan regarding Taiwan's status, are also adding to the uncertainty in the market.

Buy Scenario: - there are a number of obstacles preventing the price from rising quickly. For instance, the short-term upside of gold is limited by several upside barriers around $1,990 and $1,993, including the 5-day moving average (DMA) and Fibonacci 61.8% on a one-day timeframe. The psychological barrier of $2,000, which includes Fibonacci 61.8% on a one-week timeframe, could also prevent gold buyers from pushing the price higher before directing them to the monthly high of around $2,010, which also comprises the Pivot Point one week R1.
It's important to note that there are additional filters for gold traders to keep an eye on, such as the previous daily high of around $2,005 and the previous weekly low near $1,970. Till we did not advise to buy XAU/USD.

Selling Scenario: - According to our Technical Confluence indicator, the price of gold has remained steady and has even surpassed the $1,964 support confluence, which includes Fibonacci 23.6% on a one-month and Pivot Point one-week S1. This has kept the buyers optimistic, especially since the XAU/USD has been trading above the $1,980 support level for one week and one day, which also includes Fibonacci 23.6%. We do not advise selling XAU/USD.

Support and Resistance Level: -
S1 1973.35-R1 2002.92
S2 1958.95-R2 2018.09
S3 1943.78-R3 2032.49


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