XAGUSD Forex Analysis for Today, Monday (05-08-2024)
XAGUSD Still Has BUY Opportunity: False Break at Up Trendline
XAGUSD Analysis
Correction Due to Profit Taking
Silver prices corrected primarily due to profit-taking after rising in response to weaker US labor data. Precious metals prices still have the potential to rise further due to geopolitical tensions in the Middle East and expectations of rate cuts by the Fed.
False Break at Up Trendline
Prices are still moving above the trendline seen on the H1 time frame, despite a slight false break below the trendline area. Look for buy opportunities if another correction occurs towards the trendline area.
Prediction: STRONG XAGUSD
Resistance
- R1 27.927
- R2 28.672
- R3 28.985
- R4 29.317
Support
- S1 27.400
- S2 27.600
- S3 27.800
- S4 28.000
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