XAGUSD Forex Analysis for Today, Friday (07-06-2024)

XAGUSD Forex Analysis for Today, Friday (07-06-2024)

XAGUSD Forex Analysis for Today, Friday (07-06-2024)

Check BUY Opportunities in XAGUSD: Downtrend Line Has Been Broken

Analysis of XAGUSD

US Jobless Claims Data Deteriorates

Silver prices strengthened as the USD weakened following the announcement of worsening US jobless claims data, reinforcing hopes that the Fed will cut interest rates as the market expects. Today, the US non-farm payrolls data will be the market’s focus.

Buy If Resistance is Broken

Prices have broken above the descending trendline visible on the H1 time frame and are currently testing the resistance area. Buying opportunities can be sought if there is a break above this resistance area.


Resistance Levels

  • R1 31.490
  • R2 31.027
  • R3 31.786
  • R4 32.051

Support Levels

  • S1 30.466
  • S2 30.836
  • S3 30.177
  • S4 29.931

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