Daily Analysis For Silver (XAG/USD) 20-04-2023

Daily Analysis For Silver (XAG/USD) 20-04-2023

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
02:15(China) Loan Prime Rate 1YMediumCNY
02:15(China) Loan Prime Rate 5YMediumCNY
04:35(Japan) 20-Year JGB AuctionLowJPY
05:30(Japan) Tertiary Industry Index MoMLowJPY
05:30(Netherlands) Unemployment RateMediumEUR
05:30(Netherlands) Consumer ConfidenceMediumEUR
06:00(Estonia) PPI YoYLowEUR
06:00(Estonia) PPI MoMLowEUR
07:00(Germany) PPI YoYLowEUR
07:00(Germany) PPI MoMMediumEUR
07:45(France) Business Climate IndicatorLowEUR
07:45(France) Business ConfidenceMediumEUR
09:00(Greece) Current AccountLowEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) 7-Year Obligacion AuctionLowEUR
09:40(Spain) 10-Year Obligacion AuctionLowEUR
10:00(China) FDI (YTD) YoYMediumCNY
10:00(Euro Area) Balance of TradeMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(France) 5-Year BTAN AuctionLowEUR
10:00(France) 3-Year BTAN AuctionLowEUR
11:00(France) 10-Year Index-Linked OAT AuctionLowEUR
11:00(Luxembourg) Unemployment RateLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Portugal) PPI MoMLowEUR
12:30(Euro Area) ECB Monetary Policy Meeting AccountsMediumEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
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
17:00(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year TIPS AuctionLowUSD
20:00(United States) Fed Bowman SpeechMediumUSD
21:15(Euro Area) ECB Schnabel SpeechLowEUR
Today's Scenario: - The price of silver (XAG/USD) has dropped to $25.20, hitting an intraday low during early Thursday's session. This marks the first daily loss in three, as concerns about a supply crunch have eased amid a risk-off sentiment in the market.
On Wednesday, Reuters reported that the global demand for silver rose by 18% last year to a record high of 1.24 billion ounces, resulting in a significant supply deficit. The Silver Institute's yearly outlook report stated that "The Silver market was undersupplied by 237.7 million ounces in 2022, the institute said in its latest World Silver Survey, calling this 'possibly the most significant deficit on record'."
Buy Scenario: - After reaching its YTD high at $26.08, the XAG/USD experienced a sharp decline due to the overbought RSI. This led traders to quickly book profits, causing Silver to drop over 5%. However, the XAG/USD found support around $24.61, about 20 pips above the 20-day EMA, as oscillators turned neutral.
To continue its bullish trend, the XAG/USD must surpass Wednesday's high of $25.36. If successful, it will then aim for the daily high of April 17 at $25.60 before potentially testing $26.00, and ultimately the YTD high at $26.08. Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - On the other hand, the XAG/USD's initial support level is the psychological level of $25.00. A break below this could expose the 20-day EMA at $24.46, followed by the previously broken resistance-turned-support level of $24.20, where sellers will target $24.00. A further decline would lead sellers to test the 50-day EMA at $23.45. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 24.83-R1 25.56
S2 24.38-R2 25.83
S3 24.11-R3 26.29

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