Daily Analysis For Silver (XAG/USD) 08-05-2023

Daily Analysis For Silver (XAG/USD) 08-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
00:50(Japan) BoJ Monetary Policy Meeting MinutesMediumJPY
01:00(France) Victory in Europe DayNoneEUR
01:00(United Kingdom) Bank Holiday for the coronation of King Charles IIINoneGBP
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
02:30(Australia) Building Permits MoMMediumAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
02:30(Australia) NAB Business ConfidenceHighAUD
06:00(Estonia) Inflation Rate YoYLowEUR
06:00(Estonia) Inflation Rate MoMLowEUR
06:00(Estonia) CPILowEUR
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
10:00(Greece) Balance of TradeLowEUR
10:30(Germany) 3-Month Bubill AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Industrial Production MoMLowEUR
11:00(Latvia) Industrial Production YoYLowEUR
15:00(El Salvador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate MoMLowUSD
15:00(United States) Wholesale Inventories MoMLowUSD
16:00(United States) Consumer Inflation ExpectationsLowUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
23:45(New Zealand) Electronic Retail Card Spending MoMLowNZD
23:45(New Zealand) Electronic Retail Card Spending YoYLowNZD

Today's Scenario: - The price of silver has retreated after reaching a new 12-month high of $26.13 during the New York session. This was due to an improvement in the US labor market, as indicated by an upbeat US jobs report, which overshadowed the chances of XAG testing last year's high. As of writing, the XAG/USD is trading at $25.60, down 1.69%.

Buy Scenario: - The price of silver (XAG/USD) is trading slightly lower at around $25.65 during Monday's Asian session after experiencing a decline in the previous day's trading. Silver saw its biggest drop in three weeks as it reversed from its highest level since April 2022.
The drop resulted in a break of a one-week-old ascending trend line, which favored bears. However, the 200-hour moving average (HMA) at around $25.20 supported the commodity's rebound.
It's worth noting that the MACD signals no longer show a bearish bias, and therefore, the recovery of silver from the 200-HMA could aim for $26.00.
However, a convergence of the previous support line from May 2nd and a three-week-old horizontal area near $26.10 could pose a challenge for bulls after that.
If the price manages to break above this resistance area, then the highs from April and March 2022 around $26.22 and $26.95 respectively could be targeted. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - On the other hand, if the price drops below the 200-HMA at $25.20, it could revisit the $25.00 round figure before testing multiple supports around the $24.60-50 area.
Overall, despite the recent retreat in silver's price, it remains on the bull's radar. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -
S1 25.17-R1 26.14
S2 24.69-R2 26.62
S3 24.20-R3 27.11


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