Published on Apr 28, 2023

Daily Analysis For Silver (XAG/USD) 28-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:01	(United Kingdom) Car Production YoY	Low	GBP
00:30	(Japan) Unemployment Rate	Medium	JPY
00:30	(Japan) Jobs/applications ratio	Low	JPY
00:30	(Japan) Tokyo CPI Ex Food and Energy YoY	Low	JPY
00:30	(Japan) Tokyo Core CPI YoY	Low	JPY
00:30	(Japan) Tokyo CPI YoY	Low	JPY
00:50	(Japan) Industrial Production MoM	Medium	JPY
00:50	(Japan) Industrial Production YoY	Low	JPY
00:50	(Japan) Retail Sales YoY	Medium	JPY
00:50	(Japan) Retail Sales MoM	Low	JPY
01:00	(Euro Area) Eurogroup Meeting	Medium	EUR
02:30	(Australia) Private Sector Credit YoY	Low	AUD
02:30	(Australia) Private Sector Credit MoM	Low	AUD
02:30	(Australia) PPI YoY	Low	AUD
02:30	(Australia) PPI QoQ	Medium	AUD
02:30	(Australia) Housing Credit MoM	Medium	AUD
04:00	(Japan) BoJ Interest Rate Decision	High	JPY
04:00	(Japan) BoJ Quarterly Outlook Report	Medium	JPY
06:00	(Estonia) Retail Sales YoY	Low	EUR
06:00	(Estonia) Retail Sales MoM	Low	EUR
06:00	(Japan) Housing Starts YoY	Medium	JPY
06:00	(Japan) Construction Orders YoY	Low	JPY
06:30	(France) GDP Growth Rate YoY	High	EUR
06:30	(France) GDP Growth Rate QoQ	High	EUR
06:30	(France) Household Consumption MoM	Low	EUR
06:30	(Germany) North Rhine Westphalia CPI YoY	High	EUR
06:30	(Germany) North Rhine Westphalia CPI MoM	High	EUR
07:00	(Germany) Import Prices MoM	Low	EUR
07:00	(Germany) Import Prices YoY	Low	EUR
07:30	(Switzerland) Retail Sales MoM	High	CHF
07:30	(Switzerland) Retail Sales YoY	High	CHF
07:45	(France) PPI YoY	Low	EUR
07:45	(France) PPI MoM	Low	EUR
07:45	(France) Inflation Rate YoY	High	EUR
07:45	(France) Harmonised Inflation Rate MoM	Low	EUR
07:45	(France) Harmonised Inflation Rate YoY	Low	EUR
07:45	(France) Inflation Rate MoM	Medium	EUR
08:00	(Austria) PPI YoY	Low	EUR
08:00	(Austria) GDP Growth Rate QoQ	Low	EUR
08:00	(Austria) PPI MoM	Low	EUR
08:00	(Austria) GDP Growth Rate YoY	Low	EUR
08:00	(Spain) GDP Growth Rate YoY	Medium	EUR
08:00	(Spain) GDP Growth Rate QoQ	Medium	EUR
08:00	(Spain) Inflation Rate YoY	Medium	EUR
08:00	(Spain) Inflation Rate MoM	Medium	EUR
08:00	(Spain) Harmonised Inflation Rate YoY	Low	EUR
08:00	(Spain) Harmonised Inflation Rate MoM	Low	EUR
08:00	(Spain) Core Inflation Rate YoY	Low	EUR
08:00	(Switzerland) KOF Leading Indicators	Medium	CHF
08:55	(Germany) Unemployment Rate	High	EUR
08:55	(Germany) Unemployment Change	High	EUR
08:55	(Germany) Unemployed Persons	Medium	EUR
09:00	(European Union) Informal ECOFIN Meeting	Low	EUR
09:00	(Germany) Baden Wuerttemberg CPI YoY	High	EUR
09:00	(Germany) Baden Wuerttemberg CPI MoM	High	EUR
09:00	(Germany) Bavaria CPI MoM	High	EUR
09:00	(Germany) Bavaria CPI YoY	High	EUR
09:00	(Germany) Brandenburg CPI MoM	High	EUR
09:00	(Germany) Brandenburg CPI YoY	High	EUR
09:00	(Germany) Hesse CPI MoM	High	EUR
09:00	(Germany) Hesse CPI YoY	High	EUR
09:00	(Germany) GDP Growth Rate QoQ	High	EUR
09:00	(Germany) GDP Growth Rate YoY	High	EUR
09:00	(Italy) GDP Growth Rate YoY	High	EUR
09:00	(Italy) GDP Growth Rate QoQ	High	EUR
09:00	(Spain) Current Account	Low	EUR
09:00	(Switzerland) SNB Jordan Speech	Low	CHF
09:30	(Portugal) GDP Growth Rate YoY	Low	EUR
09:30	(Portugal) GDP Growth Rate QoQ	Low	EUR
09:30	(Slovenia) Inflation Rate MoM	Low	EUR
09:30	(Slovenia) CPI	Low	EUR
09:30	(Slovenia) Harmonised Inflation Rate YoY	Low	EUR
09:30	(Slovenia) Inflation Rate YoY	Low	EUR
10:00	(Euro Area) GDP Growth Rate YoY	High	EUR
10:00	(Euro Area) GDP Growth Rate QoQ	High	EUR
10:00	(Germany) Saxony CPI MoM	High	EUR
10:00	(Germany) Saxony CPI YoY	High	EUR
10:00	(Greece) Retail Sales YoY	High	EUR
10:00	(Greece) PPI YoY	Low	EUR
10:00	(Malta) PPI YoY	Low	EUR
10:30	(Belgium) PPI YoY	Low	EUR
11:00	(Latvia) Retail Sales MoM	Low	EUR
11:00	(Latvia) Retail Sales YoY	Low	EUR
11:00	(Italy) Industrial Sales YoY	Low	EUR
11:00	(Italy) Industrial Sales MoM	Low	EUR
11:00	(Ireland) Retail Sales YoY	Low	EUR
11:00	(Ireland) Retail Sales MoM	Low	EUR
11:00	(Luxembourg) PPI YoY	Low	EUR
11:00	(Portugal) Inflation Rate YoY	Low	EUR
11:00	(Portugal) Inflation Rate MoM	Low	EUR
11:00	(Portugal) Retail Sales YoY	Low	EUR
11:00	(Portugal) Retail Sales MoM	Low	EUR
13:00	(Germany) Harmonised Inflation Rate MoM	Low	EUR
13:00	(Germany) Inflation Rate MoM	Medium	EUR
13:00	(Germany) Inflation Rate YoY	High	EUR
13:00	(Germany) Harmonised Inflation Rate YoY	Low	EUR
13:30	(Canada) GDP MoM	Medium	CAD
13:30	(Canada) GDP MoM	Medium	CAD
13:30	(United States) Employment Cost - Benefits QoQ	Medium	USD
13:30	(United States) Employment Cost - Wages QoQ	Medium	USD
13:30	(United States) Core PCE Price Index YoY	Low	USD
13:30	(United States) Core PCE Price Index MoM	High	USD
13:30	(United States) PCE Price Index YoY	Medium	USD
13:30	(United States) PCE Price Index MoM	Medium	USD
13:30	(United States) Personal Income MoM	High	USD
13:30	(United States) Personal Spending MoM	High	USD
13:30	(United States) Employment Cost Index QoQ	Medium	USD
13:30	(Germany) Bundesbank Wuermeling Speech	Low	EUR
14:45	(United States) Chicago PMI	Medium	USD
15:00	(United States) Michigan Current Conditions	Low	USD
15:00	(United States) Michigan Inflation Expectations	Low	USD
15:00	(United States) Michigan Consumer Sentiment	High	USD
15:00	(United States) Michigan Consumer Expectations	Low	USD
15:00	(United States) Michigan 5 Year Inflation Expectations	Low	USD
16:00	(Canada) Budget Balance	Low	CAD
18:00	(United States) Baker Hughes Oil Rig Count	Low	USD
18:00	(United States) Baker Hughes Total Rig Count	Low	USD

Today's Scenario: - The price of silver has continued its downward trend for the third consecutive day, but it remains above the 20-day Exponential Moving Average (EMA) after dropping to a daily low of $24.51. As of now, the XAG/USD is trading at $24.81, which is 0.25% lower than its opening price..

Buy Scenario: - If the XAG/USD manages to break above the April 25 daily high at $25.23, the next resistance levels would be the April 20 cycle high at $25.49, followed by the YTD high at $26.08, and the last year's high at $26.94. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - Silver price has been trading in a sideways direction since April 18, and the Relative Strength Index (RSI) has retreated towards the neutral area as sellers continue to enter the market. The XAG/USD has been unable to break above the 20-day Exponential Moving Average (EMA) at $24.70, and if sellers manage to break below this level, the next support level would be the downslope resistance trendline, turned support, drawn from January highs, that passes around $24.20-30, before posing a challenge to the $24.00 figure. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -