Published on May 24, 2023

Daily Analysis For Silver (XAG/USD) 24-05-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:00	(Japan) Reuters Tankan Index	Medium	JPY
01:00	(Ecuador) The Battle of Pichincha	None	USD
02:00	(Australia) Westpac Leading Index MoM	Low	AUD
03:00	(New Zealand) RBNZ Interest Rate Decision	Medium	NZD
04:00	(East Timor) Inflation Rate YoY	Low	USD
04:00	(East Timor) Inflation Rate MoM	Low	USD
04:00	(New Zealand) RBNZ Press Conference	Medium	NZD
06:00	(Finland) Export Prices YoY	Low	EUR
06:00	(Finland) Import Prices YoY	Low	EUR
06:00	(Finland) PPI YoY	Low	EUR
06:00	(Finland) Unemployment Rate	Low	EUR
07:00	(United Kingdom) Core Inflation Rate MoM	Low	GBP
07:00	(United Kingdom) PPI Output YoY	Low	GBP
07:00	(United Kingdom) PPI Input YoY	Low	GBP
07:00	(United Kingdom) PPI Input MoM	Low	GBP
07:00	(United Kingdom) PPI Output MoM	Low	GBP
07:00	(United Kingdom) Inflation Rate MoM	Medium	GBP
07:00	(United Kingdom) Core Inflation Rate YoY	Medium	GBP
07:00	(United Kingdom) Inflation Rate YoY	High	GBP
07:00	(United Kingdom) PPI Core Output YoY	Low	GBP
07:00	(United Kingdom) PPI Core Output MoM	Low	GBP
07:00	(United Kingdom) Retail Price Index YoY	Low	GBP
07:00	(United Kingdom) Retail Price Index MoM	Low	GBP
08:00	(Euro Area) ECB Non-Monetary Policy Meeting	Medium	EUR
08:10	(Australia) RBA Jacobs Speech	Medium	AUD
09:00	(Germany) Ifo Expectations	Low	EUR
09:00	(Germany) Ifo Current Conditions	Low	EUR
09:00	(Germany) Ifo Business Climate	High	EUR
10:30	(Germany) 15-Year Bund Auction	Low	EUR
10:30	(United Kingdom) BoE Gov Bailey Speech	Medium	GBP
11:00	(United Kingdom) CBI Industrial Trends Orders	Medium	GBP
12:00	(United States) MBA 30-Year Mortgage Rate	Medium	USD
12:00	(United States) MBA Mortgage Applications	Low	USD
12:00	(United States) MBA Mortgage Refinance Index	Low	USD
12:00	(United States) MBA Mortgage Market Index	Low	USD
12:00	(United States) MBA Purchase Index	Low	USD
14:00	(Belgium) Business Confidence	Low	EUR
15:30	(United States) EIA Refinery Crude Runs Change	Low	USD
15:30	(United States) EIA Crude Oil Stocks Change	Medium	USD
15:30	(United States) EIA Heating Oil Stocks Change	Low	USD
15:30	(United States) EIA Distillate Stocks Change	Low	USD
15:30	(United States) EIA Gasoline Production Change	Low	USD
15:30	(United States) EIA Crude Oil Imports Change	Low	USD
15:30	(United States) EIA Gasoline Stocks Change	Medium	USD
15:30	(United States) EIA Cushing Crude Oil Stocks Change	Low	USD
15:30	(United States) EIA Distillate Fuel Production Change	Low	USD
16:30	(United States) 17-Week Bill Auction	Low	USD
16:30	(United States) 2-Year FRN Auction	Low	USD
17:00	(Canada) 10-Year Bond Auction	Low	CAD
17:10	(United States) Fed Waller Speech	Medium	USD
18:00	(United States) 5-Year Note Auction	Low	USD
18:45	(Euro Area) ECB President Lagarde Speech	Medium	EUR
19:00	(United States) FOMC Minutes	High	USD

Today's Scenario: - The Silver Price (XAG/USD) is currently trading around $23.45 with a relatively quiet Asian session on Wednesday. The price recently hit a two-month low but has shown signs of a corrective bounce, supported by the RSI (14) line bouncing off oversold levels and bullish signals from the MACD indicator.

Buy Scenario: - On the upside, a recovery in XAG/USD may encounter resistance at the 200-HMA near $23.75. Further resistance can be expected near the top line of the megaphone pattern around $23.90, as well as the round figure of $24.00. If the price manages to surpass $24.00, the next hurdle would be a horizontal resistance near $24.25, which could act as a final defense for the bearish momentum.

Please note that these levels are based on technical analysis and market conditions may vary. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - However, the overall trend for silver remains bearish as it forms a "Bearish Megaphone" pattern, widening its price range since May 12. The price is also trading below the 200-Hour Simple Moving Average (HMA), which keeps sellers optimistic.

There are key support levels to watch, including the recent low of $23.11, the bottom line of the megaphone pattern around $23.05, and the psychological level of $23.00. If these levels are breached, the price could potentially target the late February swing high around $22.00, with intermediate pauses likely around $22.70 and $22.20. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -