XAGUSD Forex Analysis for Today, Wednesday (08-05-2024)
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SELL Opportunity for XAGUSD: Potential Double Top
XAGUSD Analysis
USD Strength Pressuring Silver
Silver prices corrected as the USD strengthened and amid uncertainty about the Federal Reserve’s interest rate cuts, especially with the varied statements from Fed officials.
Potential Double Top
There’s a potential double top pattern on the H1 time frame. Selling opportunities can be considered if the double top pattern is confirmed.
Prediction: WEAK XAGUSD
Resistance Levels
- R1: 27.533
- R2: 27.091
- R3: 27.716
- R4: 27.954
Support Levels
- S1: 27.091
- S2: 27.533
- S3: 26.923
- S4: 26.726
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