XAGUSD Forex Analysis for Today, Tuesday (06-08-2024)
SELL Opportunity for XAGUSD: Bearish Rising Wedge Pattern Detected
XAGUSD Analysis
Economic Slowdown Fears Pressure Silver
The prices of precious metals widely used in the industrial sector, such as silver, platinum, and palladium, tend to be pressured due to fears of a global economic slowdown expected to impact the industrial sector. Consequently, this reduces the demand for silver.
Bearish Rising Wedge Pattern
A bearish rising wedge pattern is visible on the M30 time frame. SELL opportunities can be sought at the SELL reference area near the lower line of this pattern.
Prediction: WEAK XAGUSD
Resistance
- R1 29.000
- R2 28.500
- R3 28.000
- R4 29.317
Support
- S1 27.730
- S2 27.055
- S3 26.723
- S4 26.397
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