Daily Analysis For Silver (XAG/USD) 22-03-2023

Daily Analysis For Silver (XAG/USD) 22-03-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Westpac Leading Index MoMLowAUD
05:30(Netherlands) Consumer ConfidenceMediumEUR
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Slovakia) Current AccountLowEUR
08:00(Switzerland) Current AccountMediumCHF
08:45(Euro Area) ECB President Lagarde SpeechMediumEUR
09:00(Euro Area) Current AccountLowEUR
09:00(Euro Area) Current Account s.aLowEUR
09:30(Euro Area) ECB Lane SpeechMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Italy) Current AccountLowEUR
10:00(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 10-Year Bund AuctionMediumEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United States) MBA 30-Year Mortgage RateMediumUSD
11:00(United States) MBA Mortgage ApplicationsLowUSD
11:00(United States) MBA Mortgage Market IndexLowUSD
11:00(United States) MBA Mortgage Refinance IndexLowUSD
11:00(United States) MBA Purchase IndexLowUSD
11:30(Portugal) Current AccountLowEUR
12:05(Germany) Bundesbank Mauderer SpeechLowEUR
12:30(Canada) New Housing Price Index MoMMediumCAD
12:30(Canada) New Housing Price Index YoYMediumCAD
13:45(Euro Area) ECB Panetta SpeechLowEUR
14:00(Kosovo) Balance of TradeLowEUR
14:30(United States) EIA Refinery Crude Runs ChangeLowUSD
14:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
14:30(United States) EIA Heating Oil Stocks ChangeLowUSD
14:30(United States) EIA Gasoline Production ChangeLowUSD
14:30(United States) EIA Distillate Stocks ChangeLowUSD
14:30(United States) EIA Crude Oil Imports ChangeLowUSD
14:30(United States) EIA Gasoline Stocks ChangeMediumUSD
14:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
14:30(United States) EIA Distillate Fuel Production ChangeLowUSD
15:30(United States) 17-Week Bill AuctionLowUSD
17:00(Germany) Bundesbank Nagel SpeechLowEUR
17:30(Canada) BoC Summary of DeliberationsMediumCAD
18:00(United States) Fed Interest Rate DecisionHighUSD
18:00(United States) FOMC Economic ProjectionsHighUSD
18:00(United States) Interest Rate Projection - LongerMediumUSD
18:00(United States) Interest Rate Projection - CurrentMediumUSD
18:00(United States) Interest Rate Projection - 2nd YrMediumUSD
18:00(United States) Interest Rate Projection - 1st YrMediumUSD
18:30(United States) Fed Press ConferenceHighUSD
23:00(Japan) Reuters Tankan IndexMediumJPY
Today's Scenario: - In the early Asian session, the XAG/USD (Silver) price rebounded strongly from $22.20. Over the past three trading sessions, the white metal has been consolidating within a range of $22.20 to $22.70. However, pre-Federal Reserve (Fed) anxiety may come into play, despite the odds favoring a consecutive 25 basis point rate hike to 4.75-5.00%.
To prevent a potential revival of inflationary pressures, Fed chair Jerome Powell has decided to continue the central bank's policy of tightening to keep the Consumer Price Index (CPI) under control. Analysts at Swedbank believe that the Fed will raise rates by 25 bps at both this week's meeting and its May meeting. They also expect the Fed to balance its support for the financial sector while signaling further tightening to control inflation.
As a result, the XAG/USD price is expected to remain within its current range in the near future. However, the market may be affected by pre-Fed jitters, which could cause some fluctuations. The Fed's balancing act between supporting the financial sector and controlling inflation will also be a key factor to watch in the coming months.
Buy Scenario: - On the Buying side, the lower line of the previously mentioned wedge is acting as an immediate resistance for the Silver price, which is currently around $22.70. If the price manages to break past this level, the next challenge for Silver buyers could be the 61.8% Fibonacci retracement of the metal's downside from February to March, which is also known as the "golden Fibonacci ratio" and sits at around $22.85.
If the XAG/USD price continues to rise beyond $22.85, the top line of the bearish chart pattern and the late January swing low will converge to create a tough barrier for Silver bulls around the $23.00 mark before they can take control of the market.
Overall, the XAG/USD price is facing several resistance levels, which could limit its upside potential in the short term. However, if the price manages to break through these levels, it may gain momentum and attract more buyers into the market.Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - As Wednesday's European session begins, the Silver price (XAG/USD) remains depressed around $22.30, having hit an intraday low during a three-day downtrend. This decline could be attributed to the confirmation of a two-week-old bearish chart pattern called a rising wedge, as well as bearish signals from the MACD indicator.
The Silver price could visit the 200-Simple Moving Average (SMA) support level, which is currently around $21.50, before declining further towards the theoretical target of $17.10.
It's worth noting that the late February swing high and the current monthly low, located around $22.00 and $19.90, respectively, could act as additional downside filters to watch for during any further decline in the XAG/USD price.
Overall, the Silver price is facing strong downward pressure due to technical factors, and traders may need to be cautious in their approach to avoid potential losses. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 22.15-R1 22.64
S2 21.91-R2 22.89
S3 21.66-R3 23.14

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, ...

;