XAGUSD Forex Analysis for Today, Friday (09-08-2024)
XAGUSD Still Has SELL Potential, Held Back at Resistance Area!
XAGUSD Analysis
Silver’s Gains Hampered by Potential Economic Slowdown
Precious metal prices, including silver, have been supported by expectations of a 50 basis point rate cut by the Fed in September and escalating tensions in the Middle East. However, the potential for an economic slowdown, which could impact demand from the industrial sector, is limiting silver’s price gains.
Held at Resistance
Price gains are being held back by a resistance area visible on the H1 time frame. Selling opportunities can be sought in that area.
Prediction: WEAK XAGUSD
Resistance
- R1 28.800
- R2 28.600
- R3 28.400
- R4 28.200
Support
- S1 27.716
- S2 27.252
- S3 27.017
- S4 26.791
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