XAGUSD Forex Analysis for Today, Monday (26-08-2024)
XAGUSD Likely to BUY, Monitor Pullback to Support Area
XAGUSD Analysis
Powell’s Speech Signals Rate Cut
Jerome Powell’s speech as Chairman of the Federal Reserve at the Jackson Hole Symposium indicated that the Fed is likely to proceed with a rate cut in September. The CME FedWatch Tool shows that 72% of market participants believe the Fed will implement a 25 basis point rate cut.
Monitor Support Area
Silver prices are moving in a bullish trend. Buying opportunities can be considered if a pullback occurs towards the support area used as the entry zone.
Forecast: STRONG XAGUSD
Resistance Levels:
- R1: 28.752
- R2: 29.529
- R3: 29.891
- R4: 30.257
Support Levels:
- S1: 28.800
- S2: 29.000
- S3: 29.200
- S4: 29.400
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