Daily Analysis For Silver (XAG/USD) 01-05-2023

Daily Analysis For Silver (XAG/USD) 01-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - The price of silver (XAG/USD) has dropped to $24.95, marking the first intraday loss in three days during early trading on Monday. This decline extends the U-turn made by the precious metal on late Friday from the 100-bar Simple Moving Average (SMA).
The Relative Strength Index (RSI) line remains steady and supports the recent weakness in the XAG/USD price. As a result, the price of silver may continue to decline towards an upward-sloping support line from last Thursday, which is currently near $24.85.

Buy Scenario: - The 100-SMA level around $25.15 acts as a short-term support level for the price of silver to recover. Following this, a fortnight-old descending resistance line close to $25.25 will be crucial to watch as a clear upside break of this line could open doors for the metal's rally towards the latest multi-month high marked in April, near $26.10.
Overall, the price of silver is expected to witness further declines, but the downside potential seems limited. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - The price of silver in USD (XAG/USD) has dropped to $24.95, recording its first intraday loss in the last three days. This decline extends from late Friday's reversal from the 100-bar Simple Moving Average (SMA). The steady Relative Strength Index (RSI) line further supports the bearish sentiment, indicating that the metal price may witness further downside towards an upward-sloping support line from last Thursday, near $24.85 at present.
If the XAG/USD price breaks below the immediate support level, a horizontal area that encompasses multiple lows recorded since early April, around $24.55-50, will come into play, followed by the 200-SMA level of about $24.10 to challenge the Silver bears. The $24.00 round figure may act as the final defense of the buyers if the bullion price continues to weaken below $24.10. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -
S1 24.84-R1 25.18
S2 24.61-R2 25.30
S3 24.49-R3 25.52


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