Published on Apr 5, 2023

Daily Analysis For Silver (XAG/USD) 05-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:00	(Australia) Ai Group Industry Index	Medium	AUD
00:00	(Australia) Judo Bank Services PMI	High	AUD
00:00	(Australia) Judo Bank Composite PMI	Low	AUD
00:00	(Australia) Ai Group Construction Index	Low	AUD
00:00	(Australia) Ai Group Manufacturing Index	Low	AUD
01:00	(China) Qingming Festival	None	CNY
01:01	(Ireland) AIB Services PMI	Low	EUR
01:30	(Japan) Jibun Bank Services PMI	Medium	JPY
01:30	(Japan) Jibun Bank Composite PMI	Low	JPY
02:30	(Australia) RBA Chart Pack	Low	AUD
03:00	(New Zealand) RBNZ Interest Rate Decision	Medium	NZD
03:30	(Australia) RBA Gov Lowe Speech	High	AUD
07:00	(Germany) Factory Orders MoM	Medium	EUR
07:45	(France) Industrial Production MoM	Medium	EUR
08:00	(Spain) Industrial Production YoY	Low	EUR
08:15	(Spain) S&P Global Composite PMI	Low	EUR
08:15	(Spain) S&P Global Services PMI	High	EUR
08:45	(Italy) S&P Global Services PMI	High	EUR
08:45	(Italy) S&P Global Composite PMI	Low	EUR
08:50	(France) S&P Global Services PMI	Medium	EUR
08:50	(France) S&P Global Composite PMI	Low	EUR
08:55	(Germany) S&P Global Services PMI	High	EUR
08:55	(Germany) S&P Global Composite PMI	Low	EUR
09:00	(Germany) New Car Registrations YoY	Low	EUR
09:00	(Euro Area) S&P Global Composite PMI	Low	EUR
09:00	(Euro Area) S&P Global Services PMI	High	EUR
09:00	(United Kingdom) New Car Sales YoY	Low	GBP
09:30	(United Kingdom) S&P Global/CIPS UK Services PMI	High	GBP
09:30	(United Kingdom) S&P Global/CIPS Composite PMI	Low	GBP
10:00	(France) New Car Registrations YoY	Low	EUR
10:00	(Italy) Retail Sales YoY	High	EUR
10:00	(Italy) Retail Sales MoM	High	EUR
10:00	(Cyprus) Construction Output YoY	Low	EUR
10:00	(Cyprus) Current Account	Low	EUR
10:30	(Germany) 7-Year Bund Auction	Low	EUR
11:00	(Luxembourg) Inflation Rate YoY	Low	EUR
11:00	(Luxembourg) Inflation Rate MoM	Low	EUR
11:00	(Spain) Consumer Confidence	Medium	EUR
11:00	(Ireland) Unemployment Rate	Low	EUR
11:10	(European Union) 6-Month Bill Auction	Low	EUR
11:10	(European Union) 3-Month Bill Auction	Low	EUR
12:00	(United States) MBA 30-Year Mortgage Rate	Medium	USD
12:00	(United States) MBA Mortgage Applications	Low	USD
12:00	(United States) MBA Mortgage Market Index	Low	USD
12:00	(United States) MBA Mortgage Refinance Index	Low	USD
12:00	(United States) MBA Purchase Index	Low	USD
13:15	(United States) ADP Employment Change	High	USD
13:30	(Canada) Imports	Low	CAD
13:30	(Canada) Exports	Low	CAD
13:30	(Canada) Balance of Trade	High	CAD
13:30	(United States) Exports	Medium	USD
13:30	(United States) Imports	Medium	USD
13:30	(United States) Balance of Trade	High	USD
14:45	(United States) S&P Global Composite PMI	Medium	USD
14:45	(United States) S&P Global Services PMI	High	USD
15:00	(United States) ISM Non-Manufacturing Business Activity	Low	USD
15:00	(United States) ISM Non-Manufacturing Prices	Low	USD
15:00	(United States) ISM Non-Manufacturing New Orders	Low	USD
15:00	(United States) ISM Non-Manufacturing Employment	Medium	USD
15:00	(United States) ISM Non-Manufacturing PMI	High	USD
15:00	(Euro Area) ECB Lane Speech	Low	EUR
15:30	(United States) EIA Refinery Crude Runs Change	Low	USD
15:30	(United States) EIA Crude Oil Stocks Change	Medium	USD
15:30	(United States) EIA Heating Oil Stocks Change	Low	USD
15:30	(United States) EIA Gasoline Production Change	Low	USD
15:30	(United States) EIA Distillate Stocks Change	Low	USD
15:30	(United States) EIA Crude Oil Imports Change	Low	USD
15:30	(United States) EIA Gasoline Stocks Change	Medium	USD
15:30	(United States) EIA Cushing Crude Oil Stocks Change	Low	USD
15:30	(United States) EIA Distillate Fuel Production Change	Low	USD
16:30	(United States) 17-Week Bill Auction	Low	USD
17:00	(Canada) 10-Year Bond Auction	Low	CAD

Today's Scenario: - The silver price is aiming to continue its upward momentum, with the potential to surpass the $25.00 per troy ounce mark after reaching a new year-to-date high at $24.98. Following this, the XAG/USD has retraced some of those gains and is currently hovering around the $24.80-$24.95 range, having gained 4.03%.

It is worth noting that the current price level is well above the 50-day Simple Moving Average (SMA) at $24.22, which indicates a strong bullish trend in the market. Moreover, the Relative Strength Index (RSI) (14) has entered the overbought territory, suggesting that the market may be due for a correction.

Should the silver price manage to break above the $25.00 level, the bulls may drive the asset towards the next resistance level at $26.00. However, if there is a downside correction, the immediate support level is at $24.50, followed by the 50-day SMA at $24.22.

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: -