Published on Apr 27, 2023

Daily Analysis For Silver (XAG/USD) 27-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:01	(Ireland) Consumer Confidence	Low	EUR
00:50	(Japan) Foreign Bond Investment	Low	JPY
00:50	(Japan) Stock Investment by Foreigners	Low	JPY
01:00	(Netherlands) King's Birthday	None	EUR
02:00	(New Zealand) ANZ Business Confidence	Medium	NZD
02:30	(Australia) Export Prices QoQ	Low	AUD
02:30	(Australia) Import Prices QoQ	Low	AUD
02:30	(China) Industrial Profits (YTD) YoY	Low	CNY
06:00	(Japan) Leading Economic Index	Low	JPY
06:00	(Japan) Coincident Index	Low	JPY
06:00	(Finland) Consumer Confidence	Low	EUR
06:00	(Finland) Business Confidence	Low	EUR
07:00	(Lithuania) Retail Sales MoM	Low	EUR
07:00	(Lithuania) Retail Sales YoY	Low	EUR
08:00	(Slovakia) Consumer Confidence	Low	EUR
08:00	(Slovakia) Business Confidence	Low	EUR
08:00	(Spain) Retail Sales YoY	High	EUR
08:00	(Spain) Unemployment Rate	High	EUR
08:00	(Spain) Retail Sales MoM	High	EUR
09:00	(Italy) Consumer Confidence	Medium	EUR
09:00	(Italy) Business Confidence	Medium	EUR
09:30	(Portugal) Business Confidence	Low	EUR
09:30	(Portugal) Consumer Confidence	Low	EUR
10:00	(Euro Area) Consumer Confidence	Low	EUR
10:00	(Euro Area) Industrial Sentiment	Low	EUR
10:00	(Euro Area) Services Sentiment	Low	EUR
10:00	(Euro Area) Economic Sentiment	Medium	EUR
10:00	(Euro Area) Consumer Inflation Expectations	Low	EUR
10:00	(Euro area) Selling Price Expectations	Low	EUR
10:00	(Montenegro) Balance of Trade	Low	EUR
10:00	(Montenegro) Tourist Arrivals YoY	Low	EUR
10:00	(Belgium) GDP Growth Rate QoQ	Low	EUR
10:00	(Belgium) GDP Growth Rate YoY	Low	EUR
10:10	(Italy) 10-Year BTP Auction	Low	EUR
10:10	(Italy) 5-Year BTP Auction	Low	EUR
10:30	(Belgium) Inflation Rate YoY	Low	EUR
10:30	(Belgium) Inflation Rate MoM	Low	EUR
10:30	(Cyprus) Industrial Production YoY	Low	EUR
11:00	(Latvia) Retail Sales MoM	Low	EUR
11:00	(Latvia) Retail Sales YoY	Low	EUR
11:00	(Latvia) GDP Growth Rate QoQ	Low	EUR
11:00	(Latvia) GDP Growth Rate YoY	Low	EUR
12:00	(Spain) Business Confidence	Medium	EUR
12:00	(Canada) CFIB Business Barometer	Low	CAD
13:30	(United States) Initial Jobless Claims	High	USD
13:30	(United States) Jobless Claims 4-week Average	High	USD
13:30	(United States) Continuing Jobless Claims	High	USD
13:30	(United States) Real Consumer Spending QoQ	Low	USD
13:30	(United States) Core PCE Prices QoQ	Low	USD
13:30	(United States) GDP Sales QoQ	Low	USD
13:30	(United States) PCE Prices QoQ	Low	USD
13:30	(United States) GDP Price Index QoQ	Medium	USD
13:30	(United States) GDP Growth Rate QoQ	High	USD
13:30	(Canada) Average Weekly Earnings YoY	Low	CAD
15:00	(United States) Pending Home Sales MoM	Medium	USD
15:00	(United States) Pending Home Sales YoY	Medium	USD
15:01	(Australia) CoreLogic Dwelling Prices MoM	Low	AUD
15:30	(United States) EIA Natural Gas Stocks Change	Low	USD
16:00	(United States) Kansas Fed Composite Index	Low	USD
16:00	(United States) Kansas Fed Manufacturing Index	Low	USD
16:30	(United States) 8-Week Bill Auction	Low	USD
16:30	(United States) 4-Week Bill Auction	Low	USD
17:15	(Euro Area) ECB Panetta Speech	Low	EUR
18:00	(United States) 7-Year Note Auction	Low	USD
22:00	(New Zealand) ANZ Roy Morgan Consumer Confidence	Low	NZD

Today's Scenario: - During the early hours of Thursday's Asian session, the XAG/USD (silver price) dropped to $24.90, failing to sustain the latest corrective bounce. As a result, the precious metal remains within an eight-day-old downward-sloping trend channel and below the 200-hour Moving Average (HMA).

The bearish chart formation and the continued trading below the 200-HMA, coupled with the bearish signals from the Moving Average Convergence Divergence (MACD) indicator, suggest that the XAG/USD is likely to continue its downward trend. Additionally, the Relative Strength Index (RSI) is not oversold at this time, further indicating that the XAG/USD may still have some room to move lower.

However, it is worth noting that the RSI line is below the 50 level, which suggests that there may be some volatility ahead as the XAG/USD continues its downward trajectory.

Buy Scenario: - if the XAG/USD manages to gain some upward momentum, the 200-hour Moving Average (HMA) and the 38.2% Fibonacci retracement level will act as immediate resistance near $25.10. Beyond this level, the bearish channel's top line near $25.25 will come into focus.

However, it's important to note that even if the XAG/USD surpasses the $25.25 level, the $25.70 hurdle will be a significant resistance level, as it marked the levels seen during mid-April. This suggests that even if the silver price gains some upward momentum, it may still face challenges ahead. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - Looking at the technical indicators for the XAG/USD, the immediate support for the silver price is at the 61.8% Fibonacci retracement level, which is around $24.50. If this level is broken, the next support level will be the $24.40 area, which is the bottom line of the current downward trend channel. If the sellers are able to break through this level, the XAG/USD may be vulnerable to falling further to the monthly low, currently at around $23.55. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -