Daily Analysis For Silver (XAG/USD) 17-05-2023

Daily Analysis For Silver (XAG/USD) 17-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventImpactCurrency
00:00(United States) Fed Bostic SpeechMediumUSD
00:50(Japan) GDP Price Index YoYLowJPY
00:50(Japan) GDP Capital Expenditure QoQLowJPY
00:50(Japan) GDP External Demand QoQLowJPY
00:50(Japan) GDP Private Consumption QoQLowJPY
00:50(Japan) GDP Growth Rate QoQHighJPY
00:50(Japan) GDP Growth AnnualizedHighJPY
02:30(Australia) Wage Price Index QoQLowAUD
02:30(Australia) Wage Price Index YoYLowAUD
02:30(China) House Price Index YoYMediumCNY
04:35(Japan) 20-Year JGB AuctionLowJPY
05:30(Japan) Capacity Utilization MoMLowJPY
05:30(Japan) Industrial Production MoMLowJPY
05:30(Japan) Industrial Production YoYLowJPY
05:30(Netherlands) Unemployment RateMediumEUR
06:30(France) Unemployment RateMediumEUR
07:00(European Union) New Car Registrations YoYMediumEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Austria) Harmonised Inflation Rate YoYLowEUR
08:00(Austria) Harmonised Inflation Rate MoMLowEUR
08:00(Austria) Inflation Rate MoMLowEUR
08:00(Austria) Inflation Rate YoYLowEUR
08:00(Austria) CPIHighEUR
08:00(Slovakia) Harmonised Inflation Rate YoYLowEUR
08:00(Slovakia) Harmonised Inflation Rate MoMLowEUR
09:00(Italy) Balance of TradeMediumEUR
10:00(Cyprus) Harmonised Inflation Rate YoYLowEUR
10:00(Euro Area) Inflation Rate MoMLowEUR
10:00(Euro Area) Core Inflation Rate YoYLowEUR
10:00(Euro Area) Inflation Rate YoYMediumEUR
10:00(Euro Area) CPIHighEUR
10:00(France) 5-Year OAT AuctionLowEUR
10:00(France) 3-Year OAT AuctionLowEUR
10:00(Malta) Inflation Rate YoYLowEUR
10:00(Euro Area) ECB Elderson SpeechLowEUR
10:30(Germany) 10-Year Bund AuctionMediumEUR
10:30(Euro Area) ECB Panetta SpeechLowEUR
10:50(United Kingdom) BoE Gov Bailey SpeechMediumGBP
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Ireland) Residential Property Prices MoMLowEUR
11:00(Ireland) Residential Property Prices YoYLowEUR
11:00(France) 10-Year Index-Linked OAT AuctionLowEUR
11:00(Ireland) Balance of TradeLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:30(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
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) New Motor Vehicle SalesLowCAD
13:30(Canada) Foreign Securities Purchases by CanadiansLowCAD
13:30(Canada) Foreign Securities PurchasesLowCAD
13:30(United States) Building Permits MoMMediumUSD
13:30(United States) Housing Starts MoMMediumUSD
13:30(United States) Housing StartsMediumUSD
13:30(United States) Building PermitsHighUSD
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
16:15(Euro Area) ECB Guindos SpeechHighEUR
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 3-Year Bond AuctionLowCAD
18:00(United States) 20-Year Bond AuctionLowUSD
23:45(New Zealand) PPI Input QoQLowNZD
23:45(New Zealand) PPI Output QoQLowNZD
Today's Scenario: - On Wednesday, silver is experiencing a bearish consolidation phase, remaining within a narrow trading range of approximately $23.70 to $23.75. The metal's price is hovering just above its lowest level since April 3, which was reached the previous day.
Buy Scenario: - On the upside, a recovery would require a break above the 50-DMA resistance at around $24.10. However, even if the price manages to close above this level, a horizontal resistance zone around $24.20, marked since late March, could act as an additional barrier before higher levels around $24.50-55, where the XAG/USD bears might reemerge. Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - Despite a minor rebound or short-covering, the overall sentiment for silver remains bearish as it broke below the 50-day moving average (DMA) in yesterday's close. The bearish MACD signals further reinforce the downside bias.
The next potential support levels for the XAG/USD are the 100-DMA around $23.40, followed by the 50% Fibonacci retracement level of the upside move from March to May, near the $23.00 level. The RSI (14) is approaching oversold territory, suggesting a possibility of bottom-picking around these support levels.
If the silver price drops below $23.00, the next significant support is the 61.8% Fibonacci retracement level at $22.30. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 23.56-R1 24.03
S2 23.36-R2 24.30
S3 23.09-R3 24.50

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