XAGUSD Forex Analysis for Today, Friday (16-08-2024)
BUY Opportunity for XAGUSD: Break of Structure Identified
XAGUSD Analysis
Silver Rises on Fed Expectations
Despite the global industrial sector, especially in China, still showing no signs of improvement, market expectations of a rate cut by the Fed have lifted silver prices. This is because the anticipated rate cut is expected to stimulate the industrial sector, which in turn could increase silver demand for industrial purposes.
Break of Structure Identified
A Break of Structure (BoS) is observed on the H1 time frame. A buy opportunity can be considered if there is a pullback to this BoS area.
Forecast: STRONG XAGUSD
Resistance Levels:
- R1: 27.690
- R2: 28.358
- R3: 28.712
- R4: 29.103
Support Levels:
- S1: 26.500
- S2: 27.000
- S3: 27.500
- S4: 28.000
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