Published on Apr 11, 2023

Daily Analysis For Silver (XAG/USD) 11-04-2023

Sliver (XAG/USD) Analysis

Economic Events and Scenario for XAG/USD

Economic Events : -

GMT	Event	Impact	Currency
00:01	(United Kingdom) BRC Retail Sales Monitor YoY	High	GBP
01:30	(Australia) Westpac Consumer Confidence Index	High	AUD
01:30	(Australia) Westpac Consumer Confidence Change	High	AUD
02:30	(Australia) NAB Business Confidence	High	AUD
02:30	(China) Inflation Rate MoM	Medium	CNY
02:30	(China) Inflation Rate YoY	High	CNY
02:30	(China) PPI YoY	Medium	CNY
04:35	(Japan) 5-Year JGB Auction	Low	JPY
07:00	(China) Vehicle Sales YoY	Low	CNY
07:00	(Lithuania) CPI	Low	EUR
07:00	(Lithuania) Inflation Rate MoM	Low	EUR
07:00	(Lithuania) Inflation Rate YoY	Low	EUR
08:00	(Japan) Machine Tool Orders YoY	Low	JPY
08:00	(Slovakia) Retail Sales MoM	Low	EUR
08:00	(Slovakia) Retail Sales YoY	Low	EUR
08:00	(Slovakia) Industrial Production YoY	Low	EUR
09:00	(China) Outstanding Loan Growth YoY	Low	CNY
09:00	(China) M2 Money Supply YoY	Low	CNY
09:00	(China) New Yuan Loans	Low	CNY
09:00	(China) Total Social Financing	Low	CNY
09:30	(Slovenia) Industrial Production YoY	Low	EUR
09:40	(Spain) 6-Month Letras Auction	Low	EUR
09:40	(Spain) 12-Month Letras Auction	Low	EUR
10:00	(Malta) Industrial Production YoY	Low	EUR
10:00	(Euro Area) Retail Sales MoM	High	EUR
10:00	(Euro Area) Retail Sales YoY	High	EUR
10:30	(Belgium) Industrial Production MoM	Low	EUR
10:30	(Belgium) Industrial Production YoY	Low	EUR
10:30	(Germany) 5-Year Bobl Auction	Low	EUR
11:00	(Latvia) Balance of Trade	Low	EUR
11:00	(United Kingdom) BBA Mortgage Rate	Low	GBP
11:00	(United States) NFIB Business Optimism Index	Low	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
16:00	(Kosovo) Inflation Rate YoY	Low	EUR
17:00	(United States) WASDE Report	Low	USD
18:00	(United States) 3-Year Note Auction	Low	USD
21:00	(United States) Fed Harker Speech	Medium	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD
23:45	(New Zealand) Electronic Retail Card Spending MoM	Low	NZD
23:45	(New Zealand) Electronic Retail Card Spending YoY	Low	NZD

Today's Scenario: - Silver has been trading in a sideways pattern for four consecutive days around the $25.00 level in the early European session. The Relative Strength Index on the daily chart shows overbought conditions, which has prevented bullish traders from entering new positions in XAG/USD. However, the recent breakout through the strong horizontal resistance level of $24.30-$24.40 last week supports the possibility of an extension of the upward trend observed in the past month.

Therefore, the current range-bound price action could be considered a bullish consolidation phase after the recent rally to a nearly one-year high. The constructive technical setup in the short term suggests that the XAG/USD is more likely to move upwards, and any significant corrective pullback may attract buyers at lower levels.

Buy Scenario: - If the XAG/USD breaks above the year-to-date peak around the $25.10-$25.15 area, this would confirm the positive outlook and lift the XAG/USD towards the $25.35-$25.40 area. Momentum could increase towards the $26.00 level, leading to the next relevant resistance area near $26.20, the $26.40-$26.50 zone, and the 2022 high, just ahead of the $27.00 level. Till we did not recommend buying Silver (XAG/USD).

Sell Scenario: - On the downside, any corrective slide is likely to be limited near the resistance-turned-support area of $24.30-$24.40, which is now a pivotal point. If this level is convincingly broken, the XAG/USD could weaken below the $24.00 mark and test the support area of $23.60-$23.55, eventually falling to the $23.15 zone en route to the $23.00 level. Till we do not advise selling silver (XAG/USD).

Support and Resistance Level: -