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Silver Daily Price Analysis – Safe-Haven Silver Continues Its Rally Amidst Weakening Dollar and Middle East Unrest

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  • Published:
silver market analysis 4

Geopolitical uncertainties, especially the tensions between Israel and Iran, are intensifying silver’s appeal as a safe-haven asset, mirroring market anxieties.

Key Points

  • A weaker dollar pushed silver to $28.527, marking an upward trend for today.
  • Middle East tensions heighten silver’s safe-haven demand amid global uncertainty.
  • Today’s Fed speeches and job data release may significantly sway silver prices.

Silver Daily Price Analysis – 18/04/2024

Silver closed at $28.400 after opening the day at $28.195 yesterday, marking a modest increase of +0.08%. The day witnessed silver prices navigating through minor fluctuations, eventually concluding with a slight positive bias.

As of today, the trading session opened at $28.308, and silver prices have ascended to a current level of $28.527, showing a stronger increment of +0.45%. The asset reached an intra-day peak at approximately $28.60, propelled by a combination of declining US Dollar value.

The silver market has been particularly sensitive to the unfolding geopolitical events in the Middle East, notably the escalating hostilities between Israel and Iran. The fear of conflict escalation has stoked demand for safe-haven assets like silver, with investors keenly eyeing potential moves from Israel in response to Iranian actions. This uncertainty has been a crucial driver behind silver’s recent price movements.

Key Economic Data and News to Be Released Today

High-impact economic data, such as remarks from Fed officials, including Bowman, Williams, and Bostic, are highly anticipated today, alongside US employment data. Investors will be keen on deciphering any cues regarding future monetary policy, particularly any hints at shifts in interest rates or adjustments in economic outlooks.

A stronger-than-expected data release might bolster the dollar, possibly tempering gains in silver, whereas weaker data could extend silver’s upward trajectory.

Visit our Economic Calendar

Silver Technical Analysis – 18/04/2024

Silver’s technical posture suggests bullishness, having breached the intraday 200 EMA, a sign of upward momentum. 

Despite last Friday’s price reversal top hinting at potential selling pressure, the price has since found support at the 200 EMA, hinting at resilience and an intent to push higher.

xagusd 15m chart
Silver 15M Chart – 18/04/2024

In addition, the RSI is far from being overbought, suggesting that the current bullish trend has the strength to continue. With the pivot at $28.695 posing as near-term resistance, a sustained move above this could signal ongoing bullish momentum. 

However, if silver dips below the critical supports at $27.590 and $27.530, it would lend credence to a bearish shift, threatening to drive prices toward the lower support zone of $26.900 to $26.170.

Silver Fibonacci Key Price Levels 18/04/2024

Short-term traders planning to invest in Silver today should keep a close eye on the following key price levels for the day:

SupportResistance
28.08628.638
27.91528.809
27.63929.085

Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

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