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

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

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
07:00(Lithuania) Industrial Production YoYLowEUR
07:00(Lithuania) Industrial Production MoMLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
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
09:30(Slovenia) Business ConfidenceLowEUR
13:30(Canada) New Housing Price Index MoMMediumCAD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(United States) Chicago Fed National Activity IndexMediumUSD
13:30(Canada) Wholesale Sales MoMLowCAD
14:00(Belgium) Business ConfidenceLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:30(United States) Dallas Fed Manufacturing IndexMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
17:00(Canada) 3-Year Bond AuctionLowCAD
18:00(El Salvador) Balance of TradeLowUSD

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: -
S1 24.87-R1 25.36
S2 24.65-R2 25.62
S3 24.39-R3 25.85


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