Published on Apr 4, 2023

Daily Analysis For Silver (XAG/USD) 04-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
04:35	(Japan) 10-Year JGB Auction	Low	JPY
05:30	(Australia) RBA Interest Rate Decision	High	AUD
07:00	(Germany) Imports MoM s.a	Low	EUR
07:00	(Germany) Exports MoM s.a	Low	EUR
07:00	(Germany) Balance of Trade s.a	Low	EUR
08:00	(Spain) Unemployment Change	High	EUR
09:00	(Euro Area) ECB Consumer Expectations Survey	Medium	EUR
09:30	(Slovenia) Balance of Trade	Low	EUR
10:00	(Euro Area) PPI MoM	Low	EUR
10:00	(Euro Area) PPI YoY	Low	EUR
10:00	(France) New Car Registrations YoY	Low	EUR
10:00	(Cyprus) Current Account	Low	EUR
10:30	(Germany) Index-Linked Bund Auction	Low	EUR
10:30	(United States) LMI Logistics Managers Index Current	Low	USD
10:30	(Germany) 30-Year Bund/â‚¬i Auction	Low	EUR
11:30	(Portugal) Budget Balance	Low	EUR
13:30	(Canada) Building Permits MoM	Low	CAD
13:55	(United States) Redbook YoY	Low	USD
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) IBD/TIPP Economic Optimism	Medium	USD
15:30	(United Kingdom) BoE Pill Speech	Medium	GBP
16:00	(New Zealand) Global Dairy Trade Price Index	Low	NZD
17:00	(Belgium) New Car Registrations YoY	Low	EUR
17:30	(United Kingdom) BoE Financial Policy Summary and Record	Medium	GBP
18:30	(United States) Fed Cook Speech	Medium	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD
23:45	(United States) Fed Mester Speech	Medium	USD

Today's Scenario: - During the Asian session, the XAG/USD silver price experienced a minor correction after failing to surpass the $24.00 resistance level. The decline was due to the US Dollar Index (DXY) making a recovery, causing a slight drop in the white metal. The USD Index had previously established a support level of around 102.00, but it has since rebounded to almost 102.15. Despite this, the market remains bearish in anticipation that the Federal Reserve (Fed) will maintain a steady stance on interest rates during its May monetary policy meeting.

The S&P500 futures are optimistic and seeking to recover from the losses experienced during the early Asian session. Overall market sentiment is positive, and there is a healthy demand for high-risk assets. Ahead of the release of the United States Automatic Data Processing (ADP) Employment Change data on Wednesday, the 10-year US Treasury yields have risen slightly to nearly 3.43%. According to the consensus, the US economy added 205K jobs in March compared to the previous release of 242K.

Buy Scenario: - If the Silver price falls below $23.20, the Relative Strength Index (RSI) (14) has dropped from the bullish range of 60.00-80.00 to the 40.00-60.00 range, suggesting a loss in the previous upward momentum. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - The silver price has experienced a decline after facing resistance near last week's high of $24.16 on an hourly basis. The white metal has fallen below the 20-period Exponential Moving Average (EMA) of $24.00, indicating a bearish shift in the short-term trend. The price is expected to find support near Monday's low of $23.58. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -