Published on Apr 24, 2023

Daily Analysis For Silver (XAG/USD) 24-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
06:00	(Finland) PPI YoY	Low	EUR
06:00	(Finland) Export Prices YoY	Low	EUR
06:00	(Finland) Import Prices YoY	Low	EUR
07:00	(Lithuania) Industrial Production YoY	Low	EUR
07:00	(Lithuania) Industrial Production MoM	Low	EUR
09:00	(Germany) Ifo Current Conditions	Low	EUR
09:00	(Germany) Ifo Expectations	Low	EUR
09:00	(Germany) Ifo Business Climate	High	EUR
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
09:30	(Slovenia) Business Confidence	Low	EUR
13:30	(Canada) New Housing Price Index MoM	Medium	CAD
13:30	(Canada) New Housing Price Index YoY	Medium	CAD
13:30	(United States) Chicago Fed National Activity Index	Medium	USD
13:30	(Canada) Wholesale Sales MoM	Low	CAD
14:00	(Belgium) Business Confidence	Low	EUR
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
15:30	(United States) Dallas Fed Manufacturing Index	Medium	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
17:00	(Canada) 3-Year Bond Auction	Low	CAD
18:00	(El Salvador) Balance of Trade	Low	USD

Today's Scenario: - Silver has experienced a downward trend during the first half of the European session on the last day of the week. The white metal has fallen below the psychologically significant level of $25.00, but has managed to maintain its position above the 100-period Simple Moving Average (SMA) on the 4-hour chart.

While technical indicators on the 4-hour chart are showing negative traction, they are still firmly in bullish territory on the daily chart. This suggests that there is a possibility of a buying opportunity at lower levels and indicates that the XAG/USD pair is more likely to move upwards. As a result, if there is any further decline, it is likely to find support at around the $24.65 zone, which is the 23.6% Fibonacci retracement level of the rally from March to April.

Buy Scenario: - The XAG/USD pair has a bullish bias despite experiencing two consecutive days of losses, with Thursday's price action resulting in a doji and a subsequent bearish candlestick that is about to close below the April 20 low of $25.06. However, the upward trend remains intact unless the XAG/USD falls below the confluence of the April 19 low and the 20-day Exponential Moving Average (EMA), which is currently around the $25.58-65 zone.

If the XAG/USD breaks above April's 20 high at $25.49, it could trigger a rally towards the year-to-date (YTD) high of $26.08. A breach of this level would expose last year's high at $26.95, although it falls short of the psychological $27.00 level. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - On the downside, the XAG/USD may test February's 2 high-turned-support at $24.63, immediately followed by the 20-day EMA. If the Relative Strength Index (RSI) continues to decline, as it has been doing for the past six days, the $24.00 level could be tested. Downside risks should be monitored at the 50-day EMA. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -