XAGUSD Forex Analysis for Today, Thursday (15-08-2024)
SELL XAGUSD Opportunity: Held at Resistance Area
XAGUSD Analysis
Silver Pressured Amid Industrial Slump
Silver prices declined by approximately 1% due to the global industrial slowdown, particularly in China. Additionally, the U.S. monthly consumer inflation data showed an increase compared to the previous month, reducing market confidence that the Fed will cut interest rates by 50 basis points in September.
Held at Resistance Area
The price is stalled at the resistance area and is moving downward. A sell opportunity can still be considered if a pullback occurs to the resistance zone.
Forecast: WEAK XAGUSD
Resistance Levels:
- R1: 28.400
- R2: 28.200
- R3: 28.000
- R4: 27.800
Support Levels:
- S1: 28.197
- S2: 27.728
- S3: 27.470
- S4: 27.204
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