Published on Apr 17, 2023

Daily Analysis For Silver (XAG/USD) 17-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
01:00	(Cyprus) Orthodox Easter Monday	None	EUR
01:00	(Greece) Orthodox Easter Monday	None	EUR
01:00	(Montenegro) Orthodox Easter Monday	None	EUR
01:01	(Ireland) Construction PMI	Low	EUR
02:30	(China) PBoC 1-Year MLF Announcement	Low	CNY
08:30	(Euro Area) ECB McCaul Speech	Low	EUR
09:00	(Italy) Harmonised Inflation Rate YoY	Low	EUR
09:00	(Italy) Inflation Rate YoY	Medium	EUR
09:00	(Italy) Harmonised Inflation Rate MoM	Low	EUR
09:00	(Italy) Inflation Rate MoM	Low	EUR
09:00	(Italy) CPI	High	EUR
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
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	(China) FDI (YTD) YoY	Medium	CNY
10:00	(Euro Area) ECB Tuominen Speech	Low	EUR
10:30	(Germany) 12-Month Bubill Auction	Low	EUR
10:45	(European Union) EU Bond Auction	Low	EUR
10:45	(European Union) 10-Year Bond Auction	Low	EUR
11:00	(Slovakia) Unemployment Rate	Low	EUR
13:30	(Canada) Wholesale Sales MoM	Low	CAD
13:30	(Canada) Foreign Securities Purchases by Canadians	Low	CAD
13:30	(Canada) Foreign Securities Purchases	Low	CAD
13:30	(United States) NY Empire State Manufacturing Index	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
14:00	(United Kingdom) BoE Cunliffe Speech	Low	GBP
15:00	(United States) NAHB Housing Market Index	Medium	USD
16:00	(Euro Area) ECB President Lagarde Speech	Medium	EUR
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
21:00	(United States) Foreign Bond Investment	Low	USD
21:00	(United States) Net Long-term TIC Flows	Medium	USD
21:00	(United States) Overall Net Capital Flows	Low	USD

Today's Scenario: - The price of silver (XAG/USD) is hovering around $25.30 on early Monday, following a reversal from a one-year high and a three-day uptrend on Friday.

The previous resistance line from two weeks ago, which the metal failed to break, is now acting as immediate resistance at around $25.60. The bearish signals from the Moving Average Convergence Divergence (MACD) and the steady Relative Strength Index (RSI) after reversing from the overbought territory are also supporting the sellers.

Buy Scenario: - XAG/USD breaks above the immediate resistance line, it could challenge the ascending trend line from early April, around $26.25. The market’s attention could then turn to the tops marked in April and March of last year at around $26.25 and $26.95, respectively.

Overall, the Silver price is expected to experience further downward pressure, but the bearish trend is not yet established. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - However, the convergence of the 50-day Simple Moving Average (SMA) and an upward-sloping trend line from mid-March at around $25.00 is proving to be a tough barrier for the sellers to overcome.

Moreover, the support area around $24.25-15, consisting of the 100-day SMA and the early April tops, is also acting as a key short-term support. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -