XAGUSD SELL Opportunity, Support Area Broken
XAGUSD Analysis
Dollar Strengthens, US GDP in Focus Today
Silver prices have weakened amid the strengthening USD. Today, the market is awaiting US GDP data, followed by the US PCE Price Index data this coming Friday. If the PCE comes in lower than expected, the Fed may become even more dovish. Conversely, if it doesn’t, the potential for USD weakening may be limited.
Support Break Indicates Change of Character
Silver prices have broken below the support area, which now serves as a resistance area, signaling a change of character. A sell opportunity can be sought in the resistance area used as the entry reference.
Prediction: WEAK XAGUSD
Resistance Levels
- R1 30.400
- R2 30.200
- R3 30.000
- R4 29.800
Support Levels
- S1 30.106
- S2 29.196
- S3 28.728
- S4 28.233
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