Daily Analysis For Silver (XAG/USD) 19-05-2023

Daily Analysis For Silver (XAG/USD) 19-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
00:01(United Kingdom) Gfk Consumer ConfidenceHighGBP
00:30(Japan) Core Inflation Rate YoYMediumJPY
00:30(Japan) Inflation Rate MoMLowJPY
00:30(Japan) Inflation Rate YoYHighJPY
00:30(Japan) Inflation Rate Ex-Food and Energy YoYLowJPY
01:00(Belgium) Friday after Ascension DayNoneEUR
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Japan) Tertiary Industry Index MoMLowJPY
07:00(Germany) PPI YoYLowEUR
07:00(Germany) PPI MoMMediumEUR
08:00(Slovakia) Current AccountLowEUR
09:00(Greece) Current AccountLowEUR
09:00(Italy) Construction Output YoYLowEUR
09:30(Slovenia) PPI YoYLowEUR
10:00(Slovakia) Unemployment RateLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
12:00(Montenegro) Current AccountLowEUR
13:30(Canada) Retail Sales YoYHighCAD
13:30(Canada) Retail Sales Ex Autos MoMHighCAD
13:30(Canada) Retail Sales MoMHighCAD
13:45(United States) Fed Williams SpeechMediumUSD
14:00(United States) Fed Bowman SpeechMediumUSD
15:55(Euro Area) ECB Schnabel SpeechMediumEUR
16:00(United States) Fed Chair Powell SpeechHighUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
20:00(Euro Area) ECB President Lagarde SpeechMediumEUR

Today's Scenario: - Silver price (XAG/USD) is recovering from its weekly losses around $23.50, but remains within a descending trend channel on the weekly chart. The metal is retracing from its intraday high after bouncing back from its lowest levels in seven weeks.
It is worth noting that the Relative Strength Index (RSI) (14) is showing oversold conditions and the Moving Average Convergence Divergence (MACD) indicator has recently given bullish signals, which favor the buyers in the XAG/USD market.
However, for the Silver bulls to gain momentum, a breakout above the upper trendline of the descending channel, currently around $23.70, is necessary. Furthermore, the weekly high at $24.10 could act as an additional resistance level.

Buy Scenario: - If the price manages to hold above $24.10, the 200-day Simple Moving Average (SMA) and a previous support line from early April, around $24.95 and $25.20 respectively, will be important levels to watch for further bullish conviction in XAG/USD. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - On the downside, the falling channel from Monday and the 61.8% Fibonacci retracement level of the pair's April-May upside, near $23.25, are providing support to the Silver price.
In case of a bearish move, multiple lows observed in late March around $22.85-80 could serve as support before giving control to the XAG/USD bears. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -
S1 23.29-R1 23.74
S2 23.08-R2 23.99
S3 22.84-R3 24.20


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