XAGUSD Forex Analysis for Today, Thursday (16-05-2024)
XAGUSD Surges! Buy Opportunity If Resistance Breaks!
XAGUSD Analysis
Silver Rises Due to Dollar Weakness Following CPI Data
Silver prices strengthened due to USD weakening after US CPI data was announced weaker than expected. Retail sales data also dropped significantly compared to previous figures.
Monitor Resistance Area
Prices are still held at the resistance area in the H1 time frame. A breakout above the resistance will increase the buy opportunity.
Prediction: STRONG XAGUSD
Resistance
- R1 29.956
- R2 29.249
- R3 30.249
- R4 30.633
Support
- S1 29.249
- S2 29.956
- S3 29.023
- S4 28.763
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