XAGUSD Forex Analysis for Today, Friday (31-05-2024)

XAGUSD Forex Analysis for Today, Friday (31-05-2024)

Look for BUY Opportunities in XAGUSD: Correction to Support and Trendline

Analysis of XAGUSD
Correction Halted by USD Weakness
The correction in silver prices was halted by the weakening USD, which was driven by the weak US Preliminary GDP data. This weak data has renewed expectations that the Fed will continue with interest rate cuts this year.

Held by Support and Trendline

Prices corrected to the support and trendline areas visible on the H4 time frame. Buy opportunities can be found in these support and trendline areas.


Resistance Levels:

  • R1: 31.115
  • R2: 30.543
  • R3: 31.490
  • R4: 32.082

Support Levels:

  • S1: 30.720
  • S2: 31.224
  • S3: 30.060
  • S4: 29.359

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