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

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

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventImpactCurrency
01:00(Japan) International Children's DayNoneJPY
01:00(Netherlands) Liberation DayNoneEUR
02:30(Australia) Home Loans MoMMediumAUD
02:30(Australia) Investment Lending for HomesMediumAUD
02:30(Australia) RBA Statement on Monetary PolicyMediumAUD
02:45(China) Caixin Composite PMILowCNY
02:45(China) Caixin Services PMIHighCNY
06:45(Switzerland) Unemployment RateHighCHF
07:00(Germany) Factory Orders MoMMediumEUR
07:30(Switzerland) Inflation Rate MoMLowCHF
07:30(Switzerland) Inflation Rate YoYMediumCHF
07:30(Switzerland) CPIHighCHF
07:45(France) Industrial Production MoMMediumEUR
07:45(France) Private Non Farm Payrolls QoQLowEUR
08:00(Austria) Wholesale Prices YoYLowEUR
08:00(Austria) Wholesale Prices MoMLowEUR
08:00(Austria) Balance of TradeLowEUR
08:00(Slovakia) Retail Sales YoYLowEUR
08:00(Slovakia) Retail Sales MoMLowEUR
08:00(Spain) Industrial Production YoYLowEUR
08:00(Switzerland) Foreign Exchange ReservesLowCHF
08:30(Euro Area) S&P Global Construction PMILowEUR
08:30(France) S&P Global Construction PMILowEUR
08:30(Germany) S&P Global Construction PMIMediumEUR
08:30(Italy) S&P Global Construction PMILowEUR
09:00(Italy) Retail Sales MoMHighEUR
09:00(Italy) Retail Sales YoYHighEUR
09:30(Slovenia) Balance of TradeLowEUR
09:30(United Kingdom) S&P Global/CIPS Construction PMIMediumGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Euro Area) Retail Sales YoYHighEUR
10:00(Euro Area) Retail Sales MoMHighEUR
11:00(Luxembourg) Inflation Rate YoYLowEUR
11:00(Luxembourg) Inflation Rate MoMLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
13:30(Canada) Average Hourly Wages YoYLowCAD
13:30(Canada) Full Time Employment ChgMediumCAD
13:30(Canada) Part Time Employment ChgMediumCAD
13:30(Canada) Participation RateMediumCAD
13:30(Canada) Employment ChangeHighCAD
13:30(Canada) Unemployment RateHighCAD
13:30(United States) Manufacturing PayrollsLowUSD
13:30(United States) Nonfarm Payrolls PrivateHighUSD
13:30(United States) Non Farm PayrollsHighUSD
13:30(United States) Unemployment RateHighUSD
13:30(United States) Government PayrollsLowUSD
13:30(United States) Participation RateMediumUSD
13:30(United States) Average Weekly HoursLowUSD
13:30(United States) Average Hourly Earnings MoMMediumUSD
13:30(United States) Average Hourly Earnings YoYMediumUSD
14:30(United States) Used Car Prices MoMLowUSD
14:30(United States) Used Car Prices YoYLowUSD
15:00(Ecuador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate MoMLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
20:00(United States) Consumer Credit ChangeLowUSD
Today's Scenario: - The price of silver increased but fell short of breaking the previous year-to-date high of $26.08. Despite this, buyers are supporting the white metal, keeping it trading near the $26.00 mark. The US labor market data indicated a slowdown amidst the ongoing turmoil in the US banking sector, which weighed on market sentiment. As of now, the XAG/USD is trading at $25.96 per troy ounce, representing a 1.40% increase.
Buy Scenario: - On the buying side, if the Silver price manages to break above the 13-month-old resistance line, currently around $26.15, it could regain upward momentum. In that case, the April 2022 peak of around $26.25 would be the next level to test, followed by last year’s high of around $26.95 and the $27.00 round figure.Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - The price of silver (XAG/USD) is currently trading around $26.00 with minor gains, as buyers take a break after reaching the highest level since April 2022. The upward momentum is being limited by a downward-sloping resistance line from April 2022, as the Relative Strength Index (RSI) is indicating overbought conditions. A possible pullback in the silver price could see a test of the late April swing high at around $25.50.
However, if the bears continue to push prices lower, the 21-day Exponential Moving Average (EMA) and a horizontal area with multiple levels marked since January may act as support near $25.05 and $24.60-50, respectively, after $25.50.
It should be noted that if the XAG/USD price falls below $24.50, it could open doors for a further decline towards the 61.8% Fibonacci retracement level of the March-September 2022 downturn, near $23.35. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 25.64-R1 26.26
S2 25.23-R2 26.47
S3 25.01-R3 26.88

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