Daily Analysis For Silver (XAG/USD) 22-05-2023

Daily Analysis For Silver (XAG/USD) 22-05-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
00:50(Japan) Machinery Orders YoYMediumJPY
00:50(Japan) Machinery Orders MoMMediumJPY
01:00(Canada) Victoria DayNoneCAD
01:00(Montenegro) Independence DayNoneEUR
02:15(China) Loan Prime Rate 1YMediumCNY
02:15(China) Loan Prime Rate 5YMediumCNY
05:30(Netherlands) Consumer ConfidenceMediumEUR
06:00(Estonia) PPI YoYLowEUR
06:00(Estonia) PPI MoMLowEUR
07:30(Switzerland) Industrial Production YoYMediumCHF
08:00(Slovakia) Current AccountLowEUR
09:00(Greece) Current AccountLowEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Euro Area) Construction Output YoYLowEUR
10:45(European Union) EU Bond AuctionLowEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(Luxembourg) Unemployment RateLowEUR
11:30(Portugal) Current AccountLowEUR
13:00(Kosovo) Balance of TradeLowEUR
13:30(United States) Fed Bullard SpeechMediumUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:50(United States) Fed Barkin SpeechMediumUSD
15:50(United States) Fed Bostic SpeechMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD

Today's Scenario: - The price of silver (XAG/USD) is facing difficulties in maintaining its rebound from the key moving average around $23.85 early on Monday. As a result, the precious metal is trading sideways after bouncing back from its lowest levels since late March in the previous session.
The recovery of the RSI (14) line from oversold levels is supporting the rebound of XAG/USD from the 100-day moving average. However, the presence of the 50-day moving average resistance around $24.25, coupled with bearish signals from the MACD indicator, poses a challenge for buyers of the metal.

Buy Scenario: - On the upside, if the price manages to regain momentum above the $24.00 level, it might encounter selling pressure near the $24.25 resistance zone. Any further strength is likely to be limited near the psychological level of $25.00. This is followed by the hurdle at $25.30-$25.40. Only a decisive break above this area would open the door for bulls to target the $26.00 level and challenge the year-to-date peak around the $26.10-$26.15 region, which was reached earlier this month. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - From a technical perspective, there has been a recent breakdown below the horizontal support level of $24.60-$24.50, which also coincides with the 23.6% Fibonacci retracement level. This favors bearish traders. The oscillators on the daily chart are showing negative readings and are still far from the oversold zone. Additionally, the failure near the $24.00 level on Friday suggests that the XAG/USD has a downward bias.
To confirm further bearishness, it would be prudent to wait for a sustained move below the 100-day simple moving average (SMA) around the $23.35-$23.30 range. This level also marks the lowest point since late March, reached last Thursday. Once below this level, XAG/USD could accelerate its decline towards the 50% Fibonacci retracement level near $23.00, and potentially reach the support zone of $22.65-$22.60, or the 61.8% Fibonacci retracement level at $22.30-$22.25. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -
S1 23.49-R1 24.11
S2 23.14-R2 24.38
S3 22.87-R3 24.73


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