Published on Apr 10, 2023

Daily Analysis For Silver (XAG/USD) 10-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) Current Account	Medium	JPY
01:00	(Australia) Easter Monday	None	AUD
01:00	(Austria) Easter Monday	None	EUR
01:00	(Belgium) Easter Monday	None	EUR
01:00	(Euro Area) Easter Monday	None	EUR
01:00	(Finland) Easter Monday	None	EUR
01:00	(France) Easter Monday	None	EUR
01:00	(Germany) Easter Monday	None	EUR
01:00	(Ireland) Easter Monday	None	EUR
01:00	(Italy) Easter Monday	None	EUR
01:00	(Latvia) Easter Monday	None	EUR
01:00	(Lithuania) Easter Monday	None	EUR
01:00	(Luxembourg) Easter Monday	None	EUR
01:00	(Malta) Easter Monday	None	EUR
01:00	(Netherlands) Easter Monday	None	EUR
01:00	(New Zealand) Easter Monday	None	NZD
01:00	(Switzerland) Easter Monday	None	CHF
01:00	(United Kingdom) Easter Monday	None	GBP
06:00	(Estonia) Inflation Rate MoM	Low	EUR
06:00	(Estonia) Inflation Rate YoY	Low	EUR
06:00	(Estonia) Balance of Trade	Low	EUR
06:00	(Estonia) CPI	Low	EUR
06:00	(Japan) Consumer Confidence	High	JPY
07:00	(Japan) Eco Watchers Survey Current	Low	JPY
07:00	(Japan) Eco Watchers Survey Outlook	Low	JPY
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
10:00	(Greece) Inflation Rate MoM	Low	EUR
10:00	(Greece) Industrial Production YoY	Low	EUR
10:00	(Greece) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Greece) Inflation Rate YoY	Low	EUR
10:00	(Malta) Balance of Trade	Low	EUR
10:30	(Cyprus) Balance of Trade	Low	EUR
11:00	(Portugal) Balance of Trade	Low	EUR
15:00	(United States) Wholesale Inventories MoM	Low	USD
16:00	(United States) Consumer Inflation Expectations	Low	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
21:15	(United States) Fed Williams Speech	Medium	USD

Today's Scenario: - The price of silver (XAG/USD) is currently showing slight losses near the $25.00 mark, as buyers take a break following a slow start to the week. This can be attributed to the Easter Monday holiday and comes after a four-week upward trend. Despite this, the shiny metal is displaying a "Bull Flag" chart pattern on the hourly chart, which is keeping buyers optimistic about the future prospects of silver prices.

Buy Scenario: - Adding to the positive sentiment towards the silver market is the fact that the Relative Strength Index (RSI) (14) is not currently showing an overbought signal. Additionally, the metal has continued to trade above its 200-hour Moving Average (HMA).

However, it should be noted that for the bullish chart pattern to be confirmed, the bulls need to successfully break above the $25.00 round figure. This could theoretically lead to a rise towards $26.20.

Afterward, the April 2022 high near $26.25 and the previous yearly top around $27.00 could prove to be challenges for the silver buyers. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - On the other hand, if the XAG/USD falls below the lower line of the mentioned bullish flag, located around $24.50 at the time of writing, this would contradict the bullish chart pattern.

Nevertheless, the silver bears would still face obstacles before taking full control of the market. This is due to the presence of a two-week-old ascending support line and the 200-HMA, located at approximately $24.30 and the $24.00 round figure, respectively, which could pose a challenge to any downward moves. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -