Published on Mar 28, 2023

Daily Analysis For Silver (XAG/USD) 28-03-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
1:30	(Australia) Retail Sales MoM	High	AUD
4:35	(Japan) 40-Year JGB Auction	Low	JPY
5:15	(Australia) RBA Connolly Speech	Medium	AUD
7:00	(Lithuania) Retail Sales MoM	Low	EUR
7:00	(Lithuania) Retail Sales YoY	Low	EUR
7:45	(France) Business Climate Indicator	Low	EUR
7:45	(France) Business Confidence	Medium	EUR
9:00	(Italy) Consumer Confidence	Medium	EUR
9:00	(Italy) Business Confidence	Medium	EUR
9:35	(Euro Area) ECB Enria Speech	Medium	EUR
9:45	(United Kingdom) BoE Gov Bailey Speech	Medium	GBP
10:10	(Italy) Index-Linked BTP Auction	Low	EUR
10:10	(Italy) BTP Short Term	Low	EUR
10:10	(Italy) 10-Year BTP Short Term Auction	Low	EUR
10:30	(Germany) 2-Year Schatz Auction	Low	EUR
11:00	(Ireland) Retail Sales YoY	Low	EUR
11:00	(Ireland) Retail Sales MoM	Low	EUR
11:00	(Luxembourg) Balance of Trade	Low	EUR
13:30	(United States) Retail Inventories Ex Autos MoM	Medium	USD
13:30	(United States) Goods Trade Balance	High	USD
13:30	(United States) Wholesale Inventories MoM	Medium	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(United States) House Price Index YoY	Low	USD
14:00	(United States) House Price Index	Low	USD
14:00	(United States) S&P/Case-Shiller Home Price YoY	Medium	USD
14:00	(United States) S&P/Case-Shiller Home Price MoM	Medium	USD
14:00	(United States) House Price Index MoM	Low	USD
15:00	(United States) CB Consumer Confidence	Medium	USD
15:00	(United States) Richmond Fed Manufacturing Shipments Index	Low	USD
15:00	(United States) Richmond Fed Manufacturing Index	Low	USD
15:00	(United States) Richmond Fed Services Index	Low	USD
15:00	(United States) Fed Barr Testimony	Medium	USD

Today's Scenario: - The price of silver faced strong resistance and has decreased after reaching a daily peak of $23.26. Currently, the precious metal is down by 0.69% and is trading at $23.06 per troy ounce.

Buy Scenario: - The Silver price is facing strong resistance and has fallen after hitting a daily high of $23.26. Currently, the price is down 0.69% and trading at $23.06 per troy ounce.

For a potential recovery, the Silver price must first surpass the $23.30 level to challenge the monthly high of $23.52. However, even if the price manages to reach this level, it may face resistance at the top line of the bullish channel, around $23.85. Only a break above this level may lead to further gains, potentially challenging the year-to-date high of around $24.65 reached in February.

In summary, the Silver price is likely to continue its downward trend, although it may encounter some resistance along the way. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - Silver price (XAG/USD) has declined and is currently trading near its daily low of around $23.00. The bears have pushed the price down towards the lower line of an upward-sloping trend channel from March 16. However, the steady RSI (14) line and the 100-Hour Moving Average (HMA) are currently providing support to limit the downside in the short-term.

If the price manages to break below the $23.00 support level and remains below the 100-HMA support near $22.95, then the XAG/USD bears could target the 200-HMA level at $22.55. If the bearish momentum continues past $22.55, a horizontal support area that has been in place for the past two weeks near $21.50 could be the next target for the sellers. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -