XAGUSD Forex Analysis for Today, Friday(05-07-2024)
Opportunity to BUY XAGUSD: Potential Bullish Flag
XAGUSD Analysis
US NFP Data Awaited
The market is waiting for the release of US non-farm payrolls data tonight, which is expected to be worse than May’s data. If US economic data continues to deteriorate, it will raise expectations that the Fed will cut interest rates in September.
Potential Bullish Flag
A potential symmetrical triangle pattern is visible on the H1 time frame. Buying opportunities can be taken if the pattern is confirmed.
Prediction: STRONG XAGUSD
Resistance
- R1 30.143
- R2 31.000
- R3 31.400
- R4 31.825
Support
- S1 31.000
- S2 30.500
- S3 30.000
- S4 29.500
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