Daily Analysis For Silver (XAG/USD) 03-05-2023

Daily Analysis For Silver (XAG/USD) 03-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Ai Group Industry IndexMediumAUD
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:00(Australia) Ai Group Construction IndexLowAUD
00:00(Australia) Ai Group Manufacturing IndexLowAUD
01:00(China) May DayNoneCNY
01:00(Japan) Constitution Memorial DayNoneJPY
02:30(Australia) Retail Sales MoMHighAUD
02:30(Australia) RBA Chart PackLowAUD
07:45(France) Budget BalanceLowEUR
09:00(Italy) Unemployment RateHighEUR
10:00(Cyprus) Unemployment RateLowEUR
10:00(Euro Area) Unemployment RateHighEUR
10:00(France) New Car Registrations YoYLowEUR
10:00(United Kingdom) 2-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 7-Year Bund AuctionLowEUR
11:00(Belgium) New Car Registrations YoYLowEUR
11:00(Portugal) Industrial Production YoYLowEUR
11:00(Portugal) Industrial Production MoMLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
11:30(Portugal) Budget BalanceLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
12:30(Germany) New Car Registrations YoYLowEUR
13:15(United States) ADP Employment ChangeHighUSD
14:30(United States) Treasury Refunding AnnouncementLowUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:00(United States) ISM Non-Manufacturing PricesLowUSD
15:00(United States) ISM Non-Manufacturing New OrdersLowUSD
15:00(United States) ISM Non-Manufacturing EmploymentMediumUSD
15:00(United States) ISM Non-Manufacturing PMIHighUSD
15:00(United States) ISM Non-Manufacturing Business ActivityLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
19:00(United States) Fed Interest Rate DecisionHighUSD
19:30(United States) Fed Press ConferenceHighUSD
23:45(New Zealand) Building Permits MoMLowNZD
Today's Scenario: - The price of silver (XAG/USD) is currently trading slightly lower around $25.30, as buyers take a pause following a strong rally that saw the biggest daily gains since early April. The metal has retreated to the previous resistance line during the early hours of Wednesday.
However, the successful break of a downward-sloping resistance line from April 17 suggests that immediate support near $25.20 and bullish MACD signals could keep the buyers in control. Additionally, the RSI (14) remains upbeat, indicating potential for further upside in the price of silver.
Buy Scenario: - XAG/USD's recovery may be bumpy, as the latest swing high of $25.50 precedes the April 17 peak at around $25.60, and the previous daily high around $25.90 could challenge Silver buyers.
It's essential to note that the Year-To-Date (YTD) high of $26.10 marked in April acts as the last line of defense for the Silver sellers. Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - The Silver price (XAG/USD) is currently experiencing slight losses around $25.30. The bulls appear to be taking a break after posting the largest daily gains since early April. The bright metal has retreated to the previous resistance line during early trading hours on Wednesday.
The buyers are expected to remain in control given the successful break of a downward-sloping resistance line from April 17, immediate support near $25.20, bullish MACD signals, and an upbeat RSI (14).
Even if the XAG/USD price falls below the resistance-turned-support at $25.20, a convergence of the 21-SMA and 50-SMA around the $25.00 round figure is likely to be a challenging obstacle for the Silver bears.
If the price continues to fall, the metal's quick decline toward the previous weekly low of around $24.50 and the 200-SMA level at around $24.30 cannot be ruled out. However, Silver buyers may remain optimistic unless the quote remains below the 61.8% Fibonacci retracement level of the March-April upside, near $24.05, followed by the $24.00 round figure support. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 24.81-R1 25.72
S2 24.24-R2 26.06
S3 23.90-R3 26.62

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