Published on May 2, 2023

Daily Analysis For Silver (XAG/USD) 02-05-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
01:00	(China) May Day	None	CNY
01:00	(Montenegro) Labor day	None	EUR
01:01	(Ireland) AIB Manufacturing PMI	Low	EUR
04:35	(Japan) 3-Month Bill Auction	Low	JPY
05:30	(Australia) RBA Interest Rate Decision	High	AUD
05:30	(Netherlands) Inflation Rate YoY	Medium	EUR
05:30	(Netherlands) Business Confidence	Low	EUR
06:00	(Netherlands) NEVI Manufacturing PMI	Low	EUR
07:00	(United Kingdom) Nationwide Housing Prices YoY	Medium	GBP
07:00	(United Kingdom) Nationwide Housing Prices MoM	Medium	GBP
07:00	(Germany) Retail Sales MoM	High	EUR
07:00	(Germany) Retail Sales YoY	High	EUR
07:00	(Lithuania) GDP Growth Rate YoY	Low	EUR
07:00	(Lithuania) GDP Growth Rate QoQ	Low	EUR
08:00	(Austria) Inflation Rate YoY	Low	EUR
08:00	(Austria) Inflation Rate MoM	Low	EUR
08:00	(Austria) Harmonised Inflation Rate MoM	Low	EUR
08:00	(Austria) Harmonised Inflation Rate YoY	Low	EUR
08:00	(Switzerland) Consumer Confidence	High	CHF
08:15	(Spain) S&P Global Manufacturing PMI	High	EUR
08:30	(Austria) Unemployment Rate	High	EUR
08:30	(Austria) Unemployed Persons	Low	EUR
08:30	(Switzerland) procure.ch Manufacturing PMI	High	CHF
08:45	(Italy) S&P Global Manufacturing PMI	High	EUR
08:50	(France) S&P Global Manufacturing PMI	Medium	EUR
08:55	(Germany) S&P Global Manufacturing PMI	High	EUR
09:00	(Euro Area) Loans to Households YoY	Low	EUR
09:00	(Euro Area) M3 Money Supply YoY	Low	EUR
09:00	(Euro Area) Loans to Companies YoY	Low	EUR
09:00	(Euro Area) S&P Global Manufacturing PMI	High	EUR
09:00	(Greece) S&P Global Manufacturing PMI	High	EUR
09:30	(United Kingdom) S&P Global/CIPS Manufacturing PMI	High	GBP
09:30	(United States) LMI Logistics Managers Index Current	Low	USD
10:00	(Cyprus) Retail Sales YoY	Low	EUR
10:00	(Euro Area) Core Inflation Rate YoY	Medium	EUR
10:00	(Euro Area) Inflation Rate YoY	High	EUR
10:00	(Euro Area) Inflation Rate MoM	Medium	EUR
10:00	(Euro Area) CPI	High	EUR
10:00	(Italy) CPI	High	EUR
10:00	(Italy) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Italy) Harmonised Inflation Rate MoM	Low	EUR
10:00	(Italy) Inflation Rate MoM	Medium	EUR
10:00	(Italy) Inflation Rate YoY	High	EUR
10:30	(Germany) Index-Linked Bund Auction	Low	EUR
11:00	(Portugal) Retail Sales YoY	Low	EUR
11:00	(Portugal) Retail Sales MoM	Low	EUR
11:00	(Spain) New Car Sales YoY	Low	EUR
11:00	(Greece) Total Credit YoY	Low	EUR
11:00	(Italy) PPI MoM	Low	EUR
11:00	(Italy) PPI YoY	Low	EUR
13:55	(United States) Redbook YoY	Low	USD
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
15:00	(United States) JOLTs Job Quits	Low	USD
15:00	(United States) JOLTs Job Openings	High	USD
15:00	(United States) Factory Orders ex Transportation	Low	USD
15:00	(United States) Factory Orders MoM	Medium	USD
15:00	(United States) Total Vehicle Sales	Low	USD
16:00	(New Zealand) Global Dairy Trade Price Index	Low	NZD
17:00	(Belgium) New Car Registrations YoY	Low	EUR
17:00	(Italy) New Car Registrations YoY	Low	EUR
21:30	(United States) API Crude Oil Stock Change	Medium	USD
22:00	(New Zealand) RBNZ Financial Stability Report	Medium	NZD
23:45	(New Zealand) Participation Rate	Low	NZD
23:45	(New Zealand) Labour Costs Index YoY	Low	NZD
23:45	(New Zealand) Labour Costs Index QoQ	Low	NZD
23:45	(New Zealand) Employment Change QoQ	High	NZD
23:45	(New Zealand) Unemployment Rate	High	NZD

Today's Scenario: - The price of Silver (XAG/USD) is currently fluctuating around the $25.00 mark as traders express caution leading up to significant data releases and events on Tuesday. This comes after the price reversed from a three-week high on the previous day.

Buy Scenario: - On the upside, if the price manages to clear the 10-DMA level of $25.10, it could open the door for further gains towards the top line of the bearish channel, which is currently around $25.90. Beyond that, the Year-To-Date high of around $26.10 and the April 2022 peak near $26.25 could come into play.

Overall, the Silver price is expected to remain in the bearish chart formation, but the downside may be limited due to the support levels mentioned above. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - The XAG/USD price is currently hovering around $25.00 and remains within a bearish trend channel that has been in place for three weeks. The price is also staying below the 10-day moving average (DMA) since April 19, which adds to the bearish sentiment.

Furthermore, the MACD signals are bearish, which keeps the Silver price on the seller's radar.

However, the downside may be limited as the bottom line of the bearish channel, close to $24.50, provides support. If the price falls below this level, the next support level is at the resistance-turned-support line from early January, near $24.00, and if that level is breached, it could push the price towards January's low of around $22.75. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -