XAGUSD Forex Analysis for Today, Tuesday (13-08-2024)
XAGUSD Has BUY Potential: Trading Above Trendline
XAGUSD Analysis
Geopolitical Tensions Boost Silver
Silver prices have risen due to escalating geopolitical tensions in the Middle East. Additionally, the prolonged conflict between Russia and Ukraine has also increased demand for safe-haven assets. Ukraine reportedly breached the Russian border and is awaiting approval from Washington, London, and Paris to launch long-range strikes into Russian territory.
Held at Resistance
Prices are trading above the ascending trendline on the H1 time frame. A buying opportunity could be sought if a correction occurs toward this trendline area.
Forecast: STRONG XAGUSD
Resistance Levels:
- R1: 27.178
- R2: 27.997
- R3: 28.424
- R4: 28.842
Support Levels:
- S1: 26.500
- S2: 27.000
- S3: 27.500
- S4: 28.000
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