Published on May 15, 2023

Daily Analysis For Silver (XAG/USD) 15-05-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) PPI YoY	Low	JPY
00:50	(Japan) PPI MoM	Low	JPY
01:00	(Euro Area) Eurogroup Meeting	Medium	EUR
01:01	(Ireland) Construction PMI	Low	EUR
02:30	(Australia) Building Permits MoM	Low	AUD
02:30	(Australia) Private House Approvals MoM	Low	AUD
02:30	(Australia) Building Permits YoY	Low	AUD
02:30	(China) PBoC 1-Year MLF Announcement	Low	CNY
04:45	(Japan) 5-Year JGB Auction	Low	JPY
06:00	(Estonia) Unemployment Rate	Low	EUR
06:00	(Finland) CPI	Low	EUR
06:00	(Finland) Inflation Rate YoY	Low	EUR
06:00	(Finland) Inflation Rate MoM	Low	EUR
07:00	(Germany) Wholesale Prices MoM	Medium	EUR
07:00	(Germany) Wholesale Prices YoY	Medium	EUR
07:00	(Japan) Machine Tool Orders YoY	Low	JPY
07:30	(Switzerland) Producer & Import Prices YoY	Low	CHF
07:30	(Switzerland) Producer & Import Prices MoM	Low	CHF
08:00	(China) FDI (YTD) YoY	Medium	CNY
08:00	(Lithuania) Current Account	Low	EUR
08:00	(Slovakia) Inflation Rate YoY	Low	EUR
08:00	(Slovakia) Core Inflation Rate YoY	Low	EUR
08:00	(Slovakia) Core Inflation Rate MoM	Low	EUR
08:00	(Slovakia) CPI	Low	EUR
08:00	(Slovakia) Inflation Rate MoM	Low	EUR
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
10:00	(Belgium) Construction Output YoY	Low	EUR
10:00	(Euro Area) Industrial Production MoM	Medium	EUR
10:00	(Euro Area) Industrial Production YoY	Low	EUR
10:30	(Germany) 12-Month Bubill Auction	Low	EUR
11:00	(Spain) Consumer Confidence	Medium	EUR
11:00	(Latvia) Current Account	Low	EUR
11:00	(Ireland) Balance of Trade	Low	EUR
13:15	(Canada) Housing Starts	Medium	CAD
13:30	(Canada) Wholesale Sales MoM	Low	CAD
13:30	(United States) NY Empire State Manufacturing Index	Medium	USD
13:45	(United States) Fed Bostic Speech	Medium	USD
14:00	(Belgium) Balance of Trade	Low	EUR
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
14:15	(United States) Fed Kashkari Speech	Medium	USD
15:00	(Canada) Financial System Survey	Medium	CAD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
17:30	(United States) Fed Barkin Speech	Medium	USD
21:00	(United States) Foreign Bond Investment	Low	USD
21:00	(United States) Overall Net Capital Flows	Low	USD
21:00	(United States) Net Long-term TIC Flows	Medium	USD
22:00	(United States) Fed Cook Speech	Medium	USD

Today's Scenario: - Silver price (XAG/USD) is facing challenges in maintaining its recent correction from a 1.5-month low near $26.00 during early Monday morning in Europe.

Despite dropping to its lowest levels since early April, the silver price has managed to avoid a daily close below the 50-day moving average (DMA), which is currently around $23.90.

Furthermore, the corrective bounce in the silver price on early Monday is supported by the RSI (14) line, which indicates a potential shift in sentiment after reaching oversold conditions.

The market will continue to monitor silver's price action to see if it can sustain its corrective bounce or if further downside pressure will resume.

Buy Scenario: - The current corrective bounce in the silver price is likely to face challenges unless the quote remains below a horizontal area that encompasses multiple levels marked since early January 2023, which is around $24.60.

Even if XAG/USD manages to surpass $24.60, the 21-day moving average (DMA) resistance at approximately $25.10 is likely to present a hurdle for the bulls before they can gain control.

On the other hand, if there is a daily close below the 50-day moving average (DMA) level near $23.90, it could quickly lead the silver price towards the support of the 100-day moving average (DMA) around $23.40. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - In the event of further downside, the 61.8% Fibonacci retracement level of the precious metal's upside movement from March to May, located near $22.30, could serve as the last line of defense for silver buyers. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -