XAGUSD Forex Analysis for Today, Tuesday (07-05-2024)

XAGUSD Forex Analysis for Today, Tuesday (07-05-2024)

XAGUSD Forex Analysis for Today, Tuesday (07-05-2024)

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XAGUSD Breaks Resistance: Potential Buy Opportunity

XAGUSD Analysis

Silver Rises Amid Federal Reserve Interest Rate Prospects

The market continues to digest the latest lower-than-expected US NFP data. It will also monitor upcoming inflation data; a weaker inflation outlook would strengthen expectations of a rate cut later this year. However, Richmond Fed President Thomas Barkin stated that he doesn’t see inflation starting to decline and reaffirmed that the current interest rate level is appropriate.

Breaking Resistance

Silver prices break through the trendline and resistance. Buying opportunities can be considered on a correction with confirmation of bullish signals in the support area.


Resistance Levels

  • R1: 27.074
  • R2: 26.571
  • R3: 27.248
  • R4: 27.466

Support Levels

  • S1: 26.571
  • S2: 27.074
  • S3: 26.270
  • S4: 26.004

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.

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