XAGUSD Forex Analysis for Today, Thursday (30-05-2024)

XAGUSD Forex Analysis for Today, Thursday (30-05-2024)

XAGUSD Held at Resistance: Potential Double Top

Analysis of XAGUSD
Silver Gains Capped by Hawkish Fed Comments
The strengthening of silver prices was capped by the rising USD following hawkish comments from Fed official Neel Kashkari, who stated there is a chance of a Fed rate hike. He also predicted that rate cuts would not exceed two times.

Potential Double Top

Silver prices are held at the resistance area and have the potential to form a double top pattern on the H4 time frame. Sell opportunities can be sought as long as the resistance area holds, but the target is limited to the visible uptrend line.


Resistance Levels:

  • R1: 32.529
  • R2: 31.607
  • R3: 33.313
  • R4: 34.062

Support Levels:

  • S1: 32.062
  • S2: 32.747
  • S3: 31.607
  • S4: 31.110

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