Published on Apr 7, 2023

Daily Analysis For Silver (XAG/USD) 07-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:30	(Japan) Overtime Pay YoY	Low	JPY
00:30	(Japan) Household Spending YoY	Low	JPY
00:30	(Japan) Household Spending MoM	Low	JPY
00:30	(Japan) Average Cash Earnings YoY	Low	JPY
00:50	(Japan) Foreign Exchange Reserves	Low	JPY
01:00	(Australia) Good Friday	None	AUD
01:00	(Belgium) Good Friday	None	EUR
01:00	(Canada) Good Friday	None	CAD
01:00	(Ecuador) Good Friday	None	USD
01:00	(El Salvador) Good Friday	None	USD
01:00	(Estonia) Good Friday	None	EUR
01:00	(Euro Area) Good Friday	None	EUR
01:00	(Finland) Good Friday	None	EUR
01:00	(Germany) Good Friday	None	EUR
01:00	(Latvia) Good Friday	None	EUR
01:00	(Luxembourg) Good Friday	None	EUR
01:00	(Malta) Good Friday	None	EUR
01:00	(Netherlands) Good Friday	None	EUR
01:00	(New Zealand) Good Friday	None	NZD
01:00	(Portugal) Good Friday	None	EUR
01:00	(Spain) Good Friday	None	EUR
01:00	(Switzerland) Good Friday	None	CHF
01:00	(United Kingdom) Good Friday	None	GBP
01:00	(United States) Good Friday	None	USD
04:35	(Japan) 3-Month Bill Auction	Low	JPY
05:30	(Netherlands) Household Consumption YoY	Low	EUR
05:30	(Netherlands) Manufacturing Production MoM	Low	EUR
06:00	(Japan) Leading Economic Index	Low	JPY
06:00	(Japan) Coincident Index	Low	JPY
07:00	(Lithuania) Balance of Trade	Low	EUR
07:45	(France) Imports	Low	EUR
07:45	(France) Exports	Low	EUR
07:45	(France) Current Account	Low	EUR
07:45	(France) Balance of Trade	Medium	EUR
08:00	(Austria) Industrial Production YoY	Low	EUR
08:30	(France) Foreign Exchange Reserves	Low	EUR
09:00	(China) Foreign Exchange Reserves	Low	CNY
10:00	(Greece) Balance of Trade	Low	EUR
13:30	(United States) Manufacturing Payrolls	Low	USD
13:30	(United States) Nonfarm Payrolls Private	High	USD
13:30	(United States) Unemployment Rate	High	USD
13:30	(United States) Non Farm Payrolls	High	USD
13:30	(United States) Participation Rate	Medium	USD
13:30	(United States) Government Payrolls	Low	USD
13:30	(United States) Average Weekly Hours	Low	USD
13:30	(United States) Average Hourly Earnings MoM	Medium	USD
13:30	(United States) Average Hourly Earnings YoY	Medium	USD
14:00	(United States) Used Car Prices MoM	Low	USD
14:00	(United States) Used Car Prices YoY	Low	USD
20:00	(United States) Consumer Credit Change	Low	USD

Today's Scenario: - The price of silver has registered back-to-back Doji candlesticks near the year-to-date (YTD) highs of 25.13, but has not yet surpassed the $25.00 per troy ounce level. Currently, the XAG/USD is trading at 24.95, after reaching a daily high of $25.00.

Buy Scenario: - The Silver market appears to be in a state of indecision as both buyers and sellers remain uncertain about the direction to take. The Relative Strength Index (RSI) indicates an overbought market since the start of the week, which suggests that buying pressure may soon diminish. Meanwhile, the Rate of Change (RoC) signal indicates that buyers still have control, but they must reclaim the year-to-date high at $25.13 to have a chance of testing last year's high at $26.95.

If there is a bullish resumption, the XAG/USD pair would need to close above $25.00 to have the opportunity to test the year-to-date high at $25.12, followed by $25.87, which was April's 14 high. The next resistance would be at $26.00, followed by the April 18 cycle high of $26.21. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - On the other hand, if the XAG/USD pair closes below $25.00, it could trigger a test of February's 25 cycle high at $24.62. Once that is cleared, the white metal could drop to test a previous resistance trendline turned support at around $24.25-40 before diving towards $24.00. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -