Published on Mar 30, 2023

Daily Analysis For Silver (XAG/USD) 30-03-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) Foreign Bond Investment	Low	JPY
00:50	(Japan) Stock Investment by Foreigners	Low	JPY
01:00	(New Zealand) ANZ Business Confidence	Medium	NZD
01:01	(United Kingdom) Car Production YoY	Low	GBP
04:35	(Japan) 2-Year JGB Auction	Low	JPY
05:30	(Netherlands) Business Confidence	Low	EUR
06:00	(Estonia) Retail Sales MoM	Low	EUR
06:00	(Estonia) Retail Sales YoY	Low	EUR
06:30	(Germany) North Rhine Westphalia CPI MoM	High	EUR
06:30	(Germany) North Rhine Westphalia CPI YoY	High	EUR
08:00	(Austria) PPI YoY	Low	EUR
08:00	(Austria) PPI MoM	Low	EUR
08:00	(Euro Area) ECB General Council Meeting	Medium	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) Retail Sales MoM	High	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) Inflation Rate YoY	Medium	EUR
08:00	(Switzerland) KOF Leading Indicators	Medium	CHF
08:00	(Spain) Core Inflation Rate YoY	Low	EUR
09:00	(Germany) Baden Wuerttemberg CPI MoM	High	EUR
09:00	(Germany) Baden Wuerttemberg CPI YoY	High	EUR
09:00	(Germany) Bavaria CPI YoY	High	EUR
09:00	(Germany) Bavaria CPI MoM	High	EUR
09:00	(Germany) Brandenburg CPI YoY	High	EUR
09:00	(Germany) Brandenburg CPI MoM	High	EUR
09:00	(Germany) Hesse CPI YoY	High	EUR
09:00	(Germany) Hesse CPI MoM	High	EUR
09:00	(Italy) Unemployment Rate	High	EUR
09:00	(Euro Area) ECB Economic Bulletin	Low	EUR
09:30	(Portugal) Consumer Confidence	Low	EUR
09:30	(Portugal) Business 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	(Germany) Saxony CPI YoY	High	EUR
10:00	(Germany) Saxony CPI MoM	High	EUR
10:00	(Greece) PPI YoY	Low	EUR
10:00	(Italy) PPI MoM	Low	EUR
10:00	(Italy) PPI YoY	Low	EUR
10:00	(Montenegro) Balance of Trade	Low	EUR
10:00	(Montenegro) Tourist Arrivals 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
11:00	(Cyprus) Industrial Production YoY	Low	EUR
11:00	(Portugal) Retail Sales YoY	Low	EUR
11:00	(Portugal) Retail Sales MoM	Low	EUR
12:00	(Canada) CFIB Business Barometer	Low	CAD
12:00	(Spain) Business Confidence	Medium	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) Average Weekly Earnings YoY	Low	CAD
13:30	(United States) Jobless Claims 4-week Average	High	USD
13:30	(United States) Continuing Jobless Claims	High	USD
13:30	(United States) Initial Jobless Claims	High	USD
13:30	(United States) GDP Sales QoQ	Low	USD
13:30	(United States) PCE Prices QoQ	Low	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) Corporate Profits QoQ	Medium	USD
13:30	(United States) GDP Price Index QoQ	Medium	USD
13:30	(United States) GDP Growth Rate QoQ	Medium	USD
14:01	(Australia) CoreLogic Dwelling Prices MoM	Low	AUD
15:30	(United States) EIA Natural Gas Stocks Change	Low	USD
16:30	(United States) 8-Week Bill Auction	Low	USD
16:30	(United States) 4-Week Bill Auction	Low	USD
17:00	(Canada) 30-Year Bond Auction	Low	CAD
17:00	(Switzerland) SNB Gov Maechler Speech	Low	CHF
17:45	(United States) Fed Barkin Speech	Medium	USD
23:00	(New Zealand) ANZ Roy Morgan Consumer Confidence	Low	NZD

Today's Scenario: - During Thursday's slow Asian session, the price of silver (XAG/USD) experienced mild losses, sliding to $23.30. This decline is in line with the previous day's Doji candlestick and overbought conditions of the RSI (14) line, leading to a pushback of the bullish bias below a downward-sloping resistance line from early January 2023. Moreover, the receding strength of the MACD's bullish bias is keeping XAG/USD sellers optimistic.

Buy Scenario: - For silver buyers to overcome the bearish signals from the previous day's Doji and regain control, it is necessary to achieve a daily close above the three-month descending resistance line, currently around $23.50 at the time of writing. However, even if this is achieved, the XAG/USD buyers could face multiple resistances near $24.00 before reaching the yearly high around $24.65.

Despite the likelihood of a pullback, the downside potential for the silver price seems limited overall. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - The Silver price is currently supported by the 10-day moving average (DMA) at $23.00, which is limiting the immediate downside potential. However, if this support level is broken, the price could quickly fall towards the 61.8% Fibonacci retracement level of its February-March decline, located around $22.80.

If XAG/USD remains bearish beyond $22.80, the 50% and 38.2% Fibonacci retracement levels at $22.25 and $21.70, respectively, may serve as additional support levels before leading the Silver sellers towards the early March high of $21.30.Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -