Daily Analysis For Silver (XAG/USD) 13-03-2023

Daily Analysis For Silver (XAG/USD) 13-03-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventCurrency
13:00-(Ecuador) Balance of TradeUSD
15:00-(United States) Consumer Inflation ExpectationsUSD
15:30-(United States) 3-Month Bill AuctionUSD
15:30-(United States) 6-Month Bill AuctionUSD
Today's Scenario: - The price of silver (XAG/USD) is holding onto slight gains around the $20.60 level as it tests a short-term key resistance line during early trading on Monday. Despite this, XAG/USD has managed to maintain a three-day winning streak and has extended its rebound from its lowest levels since November 4th, 2022.
Buy Scenario: - On the buying side, any potential uptrend for the XAG/USD may be difficult to sustain unless the price remains below the resistance line that has been sloping downwards since late February, with the latest level being around $20.90. Additionally, the round figure of $21.00 is also acting as a barrier for upward movements.
If the Silver buyers manage to push the price beyond $21.00, the bears' last line of defense could be the high of around $21.30 from last week. Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - The Silver price faces some bearish signals, including the potential bear cross on the MACD and the failure to stay above the 200-SMA and a two-week-old resistance line. These factors are giving hope to the Silver bears.
As a result, the Silver price may be on track to retest a horizontal support zone established two weeks ago, which is around $20.40 at the latest. If the price continues to decline, it may face difficulty in breaking below the psychological level of $20.00.
If the bearish trend continues, the Silver price may face further downside pressure, with the monthly low of $19.95 and the November 2022 bottom around $18.85 as potential targets for the bears. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 18.28-R1 21.00
S2 16.66-R2 22.71
S3 15.59-R3 23.28

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