Potential SELL for XAGUSD, Pullback Towards Down Trendline
XAGUSD Analysis
Market Awaits US NFP
Silver prices remain under pressure following the strengthening of the USD, which gained momentum after the ISM manufacturing prices data showed an increase. The market continues to anticipate the release of US non-farm payrolls data later this week.
Still Trading Below the Trendline
Silver prices are still moving below the downward trendline as observed on the M30 time frame. A break below the support area indicates a break of structure (BoS). Confirmation of a SELL signal can be sought if a pullback to the BoS area occurs.
Prediction: WEAK XAGUSD
Resistance Levels
- R1 29.800
- R2 29.600
- R3 29.400
- R4 29.200
Support Levels
- S1 28.706
- S2 27.680
- S3 27.230
- S4 26.792
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