Daily Analysis For Silver (XAG/USD)  09-01-2023

Daily Analysis For Silver (XAG/USD) 09-01-2023

Sliver (XAG/USD) Analysis
Sliver (XAG/USD)
Economic Events and Scenario for XAG/USD
Economic Events : -
GMTEventCurrency
16:00-(United States) Consumer Inflation ExpectationsUSD
16:30-(United States) 3-Month Bill AuctionUSD
16:30-(United States) 6-Month Bill AuctionUSD
20:00-(United States) Consumer Credit ChangeUSD

Today's Scenario : - In the early hours of Monday, bulls maintained control of the silver price (XAG/USD), which is still stronger at the intraday high of $24.04. In doing so, the shiny metal continues Friday's turnaround from its two-week lows.

Buy Scenario : - The recent 13-day horizontal region with numerous hurdles around $21.40 in the silver price (XAG/USD) presents a challenge to silver buyers. The monthly high at $21.55, which is also the highest mark since late April 2022, will be significant to observe in the event that the XAG/USD continues stronger over $21.40, till we did not recommend buying Silver (XAG/USD).

Sell Scenario : - Alternately, silver sellers should hold off on opening new positions until the price clearly breaks below the 100-SMA, which would be at least $23.70. The market may then focus on the most recent swing low and the 61.8% Fibonacci retracement level of the metal's upward movement from December 06, 2022, to January 03, 2023, which are around $23.10 and $23.00 in that order. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level : -
SupportResistance
S1 18.28-R1 21.00
S2 16.66-R2 22.71
S3 15.59-R3 23.28

Discussion

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