Daily Analysis For Silver (XAG/USD) 18-05-2023

Daily Analysis For Silver (XAG/USD) 18-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Imports YoYLowJPY
00:50(Japan) Exports YoYMediumJPY
00:50(Japan) Balance of TradeHighJPY
01:00(Austria) Ascension DayNoneEUR
01:00(Belgium) Ascension DayNoneEUR
01:00(Euro Area) Ascension DayNoneEUR
01:00(Finland) Ascension DayNoneEUR
01:00(France) Ascension DayNoneEUR
01:00(Germany) Ascension DayNoneEUR
01:00(Luxembourg) Ascension DayNoneEUR
01:00(Netherlands) Ascension DayNoneEUR
01:00(Switzerland) Ascension DayNoneCHF
02:30(Australia) Part Time Employment ChgMediumAUD
02:30(Australia) Participation RateLowAUD
02:30(Australia) Full Time Employment ChgMediumAUD
02:30(Australia) Unemployment RateHighAUD
02:30(Australia) Employment ChangeHighAUD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:35(Japan) 52-Week Bill AuctionLowJPY
07:30(Euro Area) ECB Guindos SpeechHighEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) Obligacion AuctionLowEUR
09:40(Spain) 5-Year Bonos AuctionLowEUR
10:00(Euro Area) ECB President Lagarde SpeechMediumEUR
11:00(Portugal) PPI MoMLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Slovakia) Unemployment RateLowEUR
11:30(Portugal) Private Consumption YoYLowEUR
11:30(Portugal) Economic Activity YoYLowEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(Canada) New Housing Price Index MoMMediumCAD
14:05(United States) Fed Jefferson SpeechMediumUSD
14:30(United States) Fed Barr TestimonyMediumUSD
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
15:00(United States) Fed Logan SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) 10-Year TIPS AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD
23:45(New Zealand) Balance of TradeMediumNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) ImportsLowNZD
Today's Scenario: - Silver price (XAG/USD) remains steady around the $23.80-75 level in early Thursday trading in Asia, showing resilience despite recent bearish sentiment.
Yesterday, the silver price dropped to its lowest level in seven weeks before finding support at the 100-day Exponential Moving Average (EMA). This led to the formation of a Doji candlestick pattern on the daily chart.
Buy Scenario: - The silver bears are taking a breather, supported by the nearly oversold condition of the RSI (14).
However, the upside potential for XAG/USD appears limited as it faces resistance at the $24.00 round figure and the 50-day EMA around $24.20. Additionally, bearish signals from the MACD indicator further weigh on the metal's upward momentum.
If the silver price manages to rise above $24.20, it could face a challenging horizontal resistance area that has been in place for 1.5 months around $24.50-55. Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - On the downside, a daily close below the 100-day EMA level of $23.48 would be required to reinforce selling pressure in silver.
Further down, the 50% Fibonacci retracement level of the metal's upside movement from March to May, near $23.00, and the 200-day EMA level of $22.80 would act as support levels.
It's important to note that the key support level for silver buyers lies around the Golden Fibonacci ratio of 61.8% at approximately $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

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;