Published on Apr 25, 2023

Daily Analysis For Silver (XAG/USD) 25-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
01:00	(Australia) ANZAC Day	None	AUD
01:00	(Italy) Liberation Day	None	EUR
01:00	(New Zealand) ANZAC Day	None	NZD
01:00	(Portugal) Liberty Day	None	EUR
03:45	(East Timor) Inflation Rate MoM	Low	USD
03:45	(East Timor) Inflation Rate YoY	Low	USD
07:00	(Switzerland) Balance of Trade	Medium	CHF
07:00	(United Kingdom) Public Sector Net Borrowing	Low	GBP
07:00	(United Kingdom) Public Sector Net Borrowing Ex Banks	Low	GBP
08:00	(Spain) PPI YoY	Low	EUR
09:00	(Euro Area) ECB Enria Speech	Low	EUR
09:30	(Slovenia) Tourist Arrivals YoY	Low	EUR
10:00	(United Kingdom) BoE Member Broadbent	Low	GBP
10:30	(Germany) 2-Year Schatz Auction	Low	EUR
11:00	(Latvia) PPI MoM	Low	EUR
11:00	(Latvia) PPI YoY	Low	EUR
11:00	(Luxembourg) Balance of Trade	Low	EUR
11:00	(United Kingdom) CBI Industrial Trends Orders	Medium	GBP
11:00	(United Kingdom) CBI Business Optimism Index	Medium	GBP
13:00	(United States) Building Permits	Medium	USD
13:00	(United States) Building Permits MoM	Low	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(United States) House Price Index	Low	USD
14:00	(United States) House Price Index YoY	Low	USD
14:00	(United States) House Price Index MoM	Low	USD
14:00	(United States) S&P/Case-Shiller Home Price MoM	Medium	USD
14:00	(United States) S&P/Case-Shiller Home Price YoY	Medium	USD
15:00	(United States) Richmond Fed Manufacturing Shipments Index	Low	USD
15:00	(United States) CB Consumer Confidence	Medium	USD
15:00	(United States) Richmond Fed Services Index	Low	USD
15:00	(United States) Richmond Fed Manufacturing Index	Low	USD
15:00	(United States) New Home Sales	High	USD
15:00	(United States) New Home Sales MoM	High	USD
15:30	(United States) Dallas Fed Services Revenues Index	Low	USD
15:30	(United States) Dallas Fed Services Index	Low	USD
15:30	(United States) NY Fed Treasury Purchases 4.5 to 7 yrs	Low	USD
18:00	(United States) 2-Year Note Auction	Low	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD
23:45	(New Zealand) Imports	Low	NZD
23:45	(New Zealand) Exports	Low	NZD
23:45	(New Zealand) Balance of Trade	Medium	NZD

Today's Scenario: - The price of silver (XAG/USD) is currently hovering around $25.15-20, with limited movement as it attempts to extend the rebound from 100-SMA support that started at the beginning of the week. Early trading on Tuesday shows that the precious metal is testing a descending resistance line that has been in place for a week, with the RSI (14) remaining stable and the MACD signals showing slight positivity. These factors suggest that the buyers of XAG/USD are likely to maintain control of the market.

Buy Scenario: - It should be noted that there is a downward-sloping trend line from April, currently at around $25.40, which may act as an intermediate barrier during the Silver price run-up beyond that level. This is also the current monthly high, with the one-year top being even higher. The April 2022 high of nearly $26.25 and the previous support line from March 16, which is now a resistance level near $26.30, may also prove to be challenging for Silver buyers to break through. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - On the other hand, pullback moves are not expected to go beyond the 100-SMA levels, which are currently around $24.95. Even if XAG/USD breaks the 100-SMA support level of around $24.95, there is an upward-sloping trend line from April 06, which is close to $24.65 at the moment, that could provide some support against further downside movement.

If the Silver price continues to decline beyond $24.65, then $24.20 may act as an intermediate stop before directing the quote towards the monthly low of around $23.60.

Overall, the bears of Silver are unlikely to take control unless there is a clear break below $24.65. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -