Daily Analysis For Silver (XAG/USD) 26-04-2023

Daily Analysis For Silver (XAG/USD) 26-04-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventImpactCurrency
02:30(Australia) RBA Trimmed Mean CPI QoQHighAUD
02:30(Australia) RBA Weighted Median CPI YoYHighAUD
02:30(Australia) RBA Weighted Median CPI QoQHighAUD
02:30(Australia) Inflation Rate QoQMediumAUD
02:30(Australia) Inflation Rate YoYHighAUD
02:30(Australia) RBA Trimmed Mean CPI YoYHighAUD
02:30(Australia) CPIHighAUD
02:30(Australia) Monthly CPI IndicatorHighAUD
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 2-Year JGB AuctionLowJPY
05:30(Netherlands) Retail Sales YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(Germany) GfK Consumer ConfidenceHighEUR
07:45(France) Consumer ConfidenceMediumEUR
08:30(Euro Area) ECB Enria SpeechLowEUR
09:00(Austria) Bank Austria Manufacturing PMIHighEUR
09:00(Switzerland) Economic Sentiment IndexLowCHF
09:30(United Kingdom) Labour Productivity QoQLowGBP
09:30(Slovenia) Retail Sales YoYLowEUR
09:30(Slovenia) Retail Sales MoMLowEUR
10:10(Italy) 6-Month BOT AuctionLowEUR
10:20(Euro Area) ECB Jochnick SpeechLowEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(France) Jobseekers TotalLowEUR
11:00(France) Unemployment Benefit ClaimsMediumEUR
11:00(United Kingdom) CBI Distributive TradesMediumGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:00(Euro Area) ECB Guindos SpeechHighEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(United States) Wholesale Inventories MoMMediumUSD
13:30(United States) Retail Inventories Ex Autos MoMMediumUSD
13:30(United States) Goods Trade BalanceHighUSD
13:30(United States) Non Defense Goods Orders Ex AirLowUSD
13:30(United States) Durable Goods Orders MoMHighUSD
13:30(United States) Durable Goods Orders ex Defense MoMHighUSD
13:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 2-Year FRN AuctionLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 30-Year Bond AuctionLowCAD
18:00(United States) 5-Year Note AuctionLowUSD
18:30(Canada) BoC Summary of DeliberationsMediumCAD
Today's Scenario: - Silver price (XAG/USD) has surged above the important resistance level of $25.00 during the early trading session in Tokyo. The precious metal has attracted significant buying interest as investors seek refuge in bullions amid the volatile market conditions, triggered by disappointing earnings from S&P500 companies.
Investors' concerns over economic slowdown following weak earnings and revenue guidance from S&P500 firms have resulted in a surge in demand for US Treasury bonds and bullions, including silver. Additionally, renewed concerns over the banking sector after First Republic Bank reported a significant drop in customers' deposits have further boosted demand for safe-haven assets like silver and US government bonds. The bank's reliance on borrowing, which would come at higher interest rates, has also added to the market's worries.
Buy Scenario: - Silver Price (XAG/USD) is currently showing an upward bias, supported by the strong level of support at the 20-day EMA around $24.65. However, recent oscillators are indicating a potential for sellers to regain control, with the RSI approaching the 50-mid line and the Rate of Change (RoC) showing increased selling pressure in the last three days. As a result, the XAG/USD is expected to experience a pullback before continuing its upward trend. Till we did not recommend buying Silver (XAG/USD).
Sell Scenario: - The next level of support for XAG/USD is the April 25 daily low at $24.49, followed by the psychological level of $24.00, and the 50-day EMA at $23.69. The 100-day EMA is located at $22.97 and could be tested if the XAG/USD breaches the aforementioned support levels.
If XAG/USD manages to break through the critical resistance of $25.00 and achieve a daily close above this level, traders can expect further consolidation between $25.00-$25.50, as has been observed over the last four trading days. Till we do not advise selling silver (XAG/USD).
Support and Resistance Level: -
SupportResistance
S1 24.56-R1 25.42
S2 24.09-R2 25.83
S3 23.69-R3 26.29

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