Daily Analysis For Silver (XAG/USD) 10-05-2023

Daily Analysis For Silver (XAG/USD) 10-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventImpactCurrency
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(El Salvador) Mothers' DayNoneUSD
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Estonia) Balance of TradeLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:00(Japan) Coincident IndexLowJPY
06:00(Japan) Leading Economic IndexLowJPY
07:00(Germany) Harmonised Inflation Rate YoYLowEUR
07:00(Germany) Harmonised Inflation Rate MoMLowEUR
07:00(Germany) Inflation Rate MoMMediumEUR
07:00(Germany) Inflation Rate YoYMediumEUR
07:00(Germany) CPIHighEUR
07:00(Lithuania) Balance of TradeLowEUR
08:00(Austria) Industrial Production YoYLowEUR
08:00(Slovakia) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production MoMMediumEUR
09:30(Slovenia) Industrial Production YoYLowEUR
10:00(Belgium) Industrial Production MoMLowEUR
10:00(Belgium) Industrial Production YoYLowEUR
10:00(Cyprus) Balance of TradeLowEUR
10:00(Greece) Harmonised Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate MoMLowEUR
10:00(Greece) Industrial Production YoYLowEUR
10:00(Malta) Balance of TradeLowEUR
10:00(United Kingdom) 10-Year Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Balance of TradeLowEUR
11:00(Portugal) Balance of TradeLowEUR
11:00(Portugal) Unemployment RateLowEUR
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
13:30(Canada) Building Permits MoMLowCAD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
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
17:00(Canada) 2-Year Bond AuctionLowCAD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) Monthly Budget StatementMediumUSD
23:45(New Zealand) Food Inflation YoYLowNZD
Today's Scenario: - As the Asian session kicks off, the price of silver shows marginal gains after a notable increase of 0.23% on Tuesday. Despite the US Dollar (USD) also posting gains, the precious metal still managed to rise, indicating a cautious market sentiment towards risk. Currently, XAG/USD is trading at $25.60 per troy ounce.
Buy Scenario: - On the upside, the short-term movements of the XAG/USD pair are also being restricted by the 100-day Simple Moving Average (SMA) and the 200-day SMA, with resistance at $25.70 and support at $25.40 respectively. However, the steady Relative Strength Index (RSI) line and the Silver's sustained trading near the multi-month top marked last week continue to keep Silver buyers optimistic.
A horizontal area that has been in place for a week at $25.90 and the $26.00 round figure are acting as short-term upside filters, along with previous tops marked in April and last week around $26.10-15. Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - On the downside, a clear break of $25.40 would not be welcomed by Silver sellers, as the 61.8% Fibonacci retracement level of April 25 to May 05 moves near $25.10.
It is worth noting that the previous monthly low joins multiple tops marked during early 2023 to highlight the $24.50 level as an important support for Silver bears to watch for entries.
Overall, despite recent inactivity, the Silver price remains on the radar of bullish traders. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 25.40-R1 25.75
S2 25.19-R2 25.89
S3 25.05-R3 26.10

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