Published on Mar 29, 2023

Daily Analysis For Silver (XAG/USD) 29-03-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
01:30	(Australia) Monthly CPI Indicator	High	AUD
07:00	(Germany) GfK Consumer Confidence	High	EUR
07:45	(France) Consumer Confidence	Medium	EUR
08:00	(Euro Area) ECB Non-Monetary Policy Meeting	Medium	EUR
09:00	(Austria) Bank Austria Manufacturing PMI	High	EUR
09:00	(Switzerland) Economic Sentiment Index	Low	CHF
09:00	(Germany) Bundesbank Balz Speech	Low	EUR
09:30	(Slovenia) Retail Sales MoM	Low	EUR
09:30	(Slovenia) Retail Sales YoY	Low	EUR
09:30	(United Kingdom) Net Lending to Individuals MoM	Low	GBP
09:30	(United Kingdom) BoE Consumer Credit	Medium	GBP
09:30	(United Kingdom) Mortgage Approvals	Medium	GBP
09:30	(United Kingdom) Mortgage Lending	Medium	GBP
10:00	(Malta) PPI YoY	Low	EUR
10:10	(Italy) 6-Month BOT Auction	Low	EUR
10:10	(Italy) 12-Month BOT Auction	Low	EUR
10:30	(United Kingdom) BoE Financial Policy Summary and Record	Medium	GBP
11:00	(Latvia) Retail Sales YoY	Low	EUR
11:00	(Latvia) Retail Sales MoM	Low	EUR
12:00	(United States) MBA 30-Year Mortgage Rate	Medium	USD
12:00	(United States) MBA Mortgage Applications	Low	USD
12:00	(United States) MBA Mortgage Market Index	Low	USD
12:00	(United States) MBA Mortgage Refinance Index	Low	USD
12:00	(United States) MBA Purchase Index	Low	USD
14:00	(Switzerland) SNB Quarterly Bulletin	Low	CHF
15:00	(United States) Pending Home Sales MoM	Medium	USD
15:00	(United States) Pending Home Sales YoY	Medium	USD
15:00	(United States) Fed Barr Testimony	Medium	USD
15:30	(United States) EIA Refinery Crude Runs Change	Low	USD
15:30	(United States) EIA Crude Oil Stocks Change	Medium	USD
15:30	(United States) EIA Heating Oil Stocks Change	Low	USD
15:30	(United States) EIA Gasoline Production Change	Low	USD

Today's Scenario: - Late in the New York session, the price of silver experienced a sharp rise, increasing by 0.34%. This can be attributed to the overall weakness of the US Dollar (USD) and a risk-off sentiment in financial markets. As investors sought safe-haven assets, funds were moved towards the precious metals segment. Currently, the XAG/USD is trading at $23.30, after hitting a low of $22.83.

Buy Scenario: - If there is a decisive breach of the aforementioned support-turned-resistance level, situated at around $23.45, it does not necessarily guarantee a smooth path for the Silver buyers. The previous highs at around $23.55 might hinder any upside momentum.

If this hurdle is crossed, a surge towards $24.00, and potentially February's high at $24.65, may become more likely. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - The sellers of XAG/USD may attempt to breach the significant 61.8% Fibonacci retracement level, which is commonly referred to as the golden ratio, at approximately $22.80.

It is essential to take note that, at the time of writing, the 50-SMA is situated at approximately $22.75, and it serves as a barrier to the short-term downside.

If the XAG/USD manages to break through the SMA support, there is a possibility that the price may decline towards the 200-SMA support at around $21.60.

However, during the downward trend, the 50% Fibonacci retracement located close to $22.30, may act as a temporary obstacle. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -