Daily Analysis For Silver (XAG/USD) 21-04-2023

Daily Analysis For Silver (XAG/USD) 21-04-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:01(United Kingdom) Gfk Consumer ConfidenceHighGBP
00:30(Japan) Inflation Rate Ex-Food and Energy YoYLowJPY
00:30(Japan) Core Inflation Rate YoYMediumJPY
00:30(Japan) Inflation Rate MoMLowJPY
00:30(Japan) Inflation Rate YoYHighJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
05:00(Japan) 3-Month Bill AuctionLowJPY
07:00(United Kingdom) Retail Sales MoMHighGBP
07:00(United Kingdom) Retail Sales YoYHighGBP
07:00(United Kingdom) Retail Sales ex Fuel MoMHighGBP
07:00(United Kingdom) Retail Sales ex Fuel YoYHighGBP
08:00(Euro Area) ECB Guindos SpeechHighEUR
08:15(France) S&P Global Composite PMILowEUR
08:15(France) S&P Global Manufacturing PMIMediumEUR
08:15(France) S&P Global Services PMIMediumEUR
08:30(Germany) S&P Global Composite PMILowEUR
08:30(Germany) S&P Global Services PMIHighEUR
08:30(Germany) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Italy) Construction Output YoYLowEUR
09:30(Slovenia) Consumer ConfidenceLowEUR
09:30(Slovenia) PPI YoYLowEUR
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
09:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
10:00(Euro Area) Government Debt to GDPMediumEUR
10:00(Euro Area) Government Budget to GDPMediumEUR
10:10(Italy) Index-Linked BTP AuctionLowEUR
10:10(Italy) BTP Short TermLowEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
13:00(Kosovo) Balance of TradeLowEUR
13:30(Canada) Retail Sales Ex Autos MoMHighCAD
13:30(Canada) Retail Sales YoYHighCAD
13:30(Canada) Retail Sales MoMHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:30(Slovenia) Unemployment RateLowEUR
15:30(Euro Area) ECB Elderson SpeechLowEUR
18:00(El Salvador) Balance of TradeLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:45(Euro Area) ECB Guindos SpeechHighEUR
21:35(United States) Fed Cook SpeechMediumUSD

Today's Scenario: - silver experienced some dip-buying near the psychological level of $25.00, leading it to reach a three-day high. However, the uptick lacked any strong bullish conviction, and the precious metal has been fluctuating between minor gains and losses during the early North American trading session. Currently, it is trading around the $25.30 level, with little change from the start of the day.
In terms of technical analysis, silver had previously retreated from a one-year high, reaching levels just above $26.00 last week. The pullback was halted on Wednesday, close to the 23.6% Fibonacci retracement level of the rally that took place between March and April. The support level is now at around $24.65, coinciding with the upward trending 100-period Simple Moving Average (SMA) on the 4-hour chart. This level is expected to act as a crucial point for the white metal's future movement.

Buy Scenario: - The XAG/USD pair has been trading sideways following its recovery from Wednesday's dip towards $24.65. While Thursday's price action appeared to be a hammer, a classic doji emerged, indicating indecision in the market. The RSI has exited overbought conditions and is sloping downwards, which suggests that sellers are gaining momentum. Meanwhile, the Rate of Change (RoC) indicates that buying pressure is fading, and bulls may be jumping off the boat.
If XAG/USD manages to stay above $25.00 in the near term, it may test the year-to-date high of $26.08. Breaking this level could expose the $26.50 resistance before reaching last year's high of $26.94, with $27.00 as the next possible target. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - However, if XAG/USD breaks below the $25.00 support level, the next demand zone would be the April 19 low at $24.65, followed by the psychological price level of $24.00. A dip beyond this area could lead to a decline towards the 50-day EMA support at $23.58. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -
S1 25.07-R1 25.51
S2 24.84-R2 25.72
S3 24.63-R3 25.95


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