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.
Prediction: STRONG XAGUSD
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
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