Published on Mar 31, 2023

Daily Analysis For Silver (XAG/USD) 31-03-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:30	(Japan) Tokyo CPI YoY	Low	JPY
00:30	(Japan) Tokyo Core CPI YoY	Low	JPY
00:30	(Japan) Tokyo CPI Ex Food and Energy YoY	Low	JPY
00:30	(Japan) Unemployment Rate	Medium	JPY
00:30	(Japan) Jobs/applications ratio	Low	JPY
00:50	(Japan) Retail Sales MoM	Low	JPY
00:50	(Japan) Retail Sales YoY	Medium	JPY
00:50	(Japan) Industrial Production YoY	Low	JPY
00:50	(Japan) Industrial Production MoM	Medium	JPY
01:00	(Malta) Freedom Day	None	EUR
01:00	(United States) Fed Waller Speech	Medium	USD
01:30	(Australia) Private Sector Credit MoM	Low	AUD
01:30	(Australia) Private Sector Credit YoY	Low	AUD
01:30	(Australia) Housing Credit MoM	Medium	AUD
02:30	(China) NBS Non Manufacturing PMI	High	CNY
02:30	(China) NBS Manufacturing PMI	High	CNY
02:30	(China) NBS General PMI	Low	CNY
05:30	(Netherlands) Retail Sales YoY	Low	EUR
05:30	(Netherlands) Inflation Rate YoY	Medium	EUR
06:00	(Japan) Construction Orders YoY	Low	JPY
06:00	(Japan) Housing Starts YoY	Medium	JPY
07:00	(Germany) Import Prices MoM	Low	EUR
07:00	(Germany) Import Prices YoY	Low	EUR
07:00	(Germany) Retail Sales YoY	High	EUR
07:00	(Germany) Retail Sales MoM	High	EUR
07:00	(United Kingdom) Business Investment YoY	Low	GBP
07:00	(United Kingdom) Business Investment QoQ	Low	GBP
07:00	(United Kingdom) Current Account	Medium	GBP
07:00	(United Kingdom) GDP Growth Rate QoQ	Medium	GBP
07:00	(United Kingdom) GDP Growth Rate YoY	Medium	GBP
07:00	(United Kingdom) Nationwide Housing Prices YoY	Medium	GBP
07:00	(United Kingdom) Nationwide Housing Prices MoM	Medium	GBP
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) Harmonised Inflation Rate MoM	Low	EUR
07:45	(France) Harmonised Inflation Rate YoY	Low	EUR
07:45	(France) Inflation Rate MoM	Medium	EUR
07:45	(France) Household Consumption MoM	Low	EUR
07:45	(France) Inflation Rate YoY	High	EUR
08:00	(Austria) Harmonised Inflation Rate YoY	Low	EUR
08:00	(Austria) Harmonised Inflation Rate MoM	Low	EUR
08:00	(Austria) Inflation Rate MoM	Low	EUR
08:00	(Austria) Inflation Rate YoY	Low	EUR
08:55	(Germany) Unemployment Rate	High	EUR
08:55	(Germany) Unemployment Change	High	EUR
08:55	(Germany) Unemployed Persons	Medium	EUR
09:00	(Italy) Industrial Sales MoM	Low	EUR
09:00	(Italy) Industrial Sales YoY	Low	EUR
09:00	(Spain) Current Account	Low	EUR
09:00	(Austria) Current Account	Low	EUR
09:30	(Portugal) Inflation Rate MoM	Low	EUR
09:30	(Portugal) Inflation Rate YoY	Low	EUR
09:30	(Slovenia) CPI	Low	EUR
09:30	(Slovenia) Inflation Rate YoY	Low	EUR
09:30	(Slovenia) Harmonised Inflation Rate YoY	Low	EUR
09:30	(Slovenia) Inflation Rate MoM	Low	EUR
10:00	(China) Current Account	Low	CNY
10:00	(Cyprus) Unemployment Rate	Low	EUR
10:00	(Euro Area) Inflation Rate MoM	Medium	EUR
10:00	(Euro Area) Core Inflation Rate YoY	Medium	EUR
10:00	(Euro Area) Inflation Rate YoY	High	EUR
10:00	(Euro Area) Unemployment Rate	High	EUR
10:00	(Euro Area) CPI	High	EUR
10:00	(Greece) Retail Sales YoY	High	EUR
10:00	(Italy) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Italy) Harmonised Inflation Rate MoM	Low	EUR
10:00	(Italy) Inflation Rate MoM	Medium	EUR
10:00	(Italy) Inflation Rate YoY	High	EUR
10:00	(Italy) CPI	High	EUR
10:00	(Greece) Unemployment Rate	High	EUR
10:30	(Belgium) PPI YoY	Low	EUR
10:30	(Cyprus) Wage Growth YoY	Low	EUR
11:00	(Luxembourg) PPI YoY	Low	EUR
11:00	(Cyprus) Current Account	Low	EUR
13:30	(Canada) GDP MoM	Medium	CAD
13:30	(Canada) GDP MoM	Medium	CAD
13:30	(United States) Personal Income MoM	High	USD
13:30	(United States) PCE Price Index MoM	Medium	USD
13:30	(United States) PCE Price Index YoY	Medium	USD
13:30	(United States) Personal Spending MoM	High	USD
13:30	(United States) Core PCE Price Index MoM	High	USD
13:30	(United States) Core PCE Price Index YoY	Low	USD
14:01	(Australia) CoreLogic Dwelling Prices MoM	Low	AUD
14:45	(United States) Chicago PMI	Medium	USD
15:00	(Belgium) Current Account	Low	EUR
15:00	(United States) Michigan Consumer Sentiment	High	USD
15:00	(United States) Michigan Inflation Expectations	Low	USD
15:00	(United States) Michigan Consumer Expectations	Low	USD
15:00	(United States) Michigan 5 Year Inflation Expectations	Low	USD
15:00	(United States) Michigan Current Conditions	Low	USD
16:00	(Euro Area) ECB President Lagarde Speech	Medium	EUR
17:00	(United States) Quarterly Grain Stocks - Wheat	Low	USD
17:00	(United States) Quarterly Grain Stocks - Corn	Low	USD
17:00	(United States) Quarterly Grain Stocks - Soy	Low	USD
17:00	(United States) Prospective Plantings - Soy	Low	USD
17:00	(United States) Prospective Plantings - Corn	Low	USD
17:00	(United States) Prospective Plantings - Wheat	Low	USD
17:00	(United States) Prospective Plantings - Cotton	Low	USD
18:00	(El Salvador) Current Account	Low	USD
18:00	(United States) Baker Hughes Total Rig Count	Low	USD
18:00	(United States) Baker Hughes Oil Rig Count	Low	USD
19:00	(El Salvador) GDP Growth Rate QoQ	Low	USD
19:00	(El Salvador) GDP Growth Rate YoY	Low	USD
20:05	(United States) Fed Williams Speech	Medium	USD
22:45	(United States) Fed Cook Speech	Medium	USD

Today's Scenario: - In the early Asian session, the price of silver (XAG/USD) is rapidly approaching the key round-level resistance of $24.00. The white metal has been on a three-day winning streak and is poised to maintain its upward momentum due to weakness in the US Dollar Index (DXY).

Despite receding concerns about potential banking instability in the United States, the silver price is still on a positive trajectory. Previously, investors have sought refuge in precious metals like silver as a safe haven to avoid market volatility caused by the collapse of three mid-size US banks.

Buy Scenario: - For XAG/USD to recover, it needs to break through the immediate top line of the channel, currently around $24.05. However, the yearly high reached in February around $24.65 may pose a challenge to the Silver buyers before they can take control of the price. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - The recent decline in Silver price could be attributed to a pullback from the resistance line of a bullish channel that has been in place for two weeks. This retreat is further supported by the overbought Relative Strength Index (RSI) reading. Despite this, bullish signals from the Moving Average Convergence Divergence (MACD) and the bullish channel formation suggest that the bears may not be in control unless the price drops below $23.30, the lower line of the channel.

However, if the Silver price continues to decline, it may encounter resistance at the 100-SMA and 200-SMA levels around $22.30 and $21.70, respectively. If it falls below $21.70, there is a possibility that the price may slump towards the $20.00 round figure and then to the monthly low of $19.90. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -