XAGUSD Forex Analysis for Today, Wednesday (21-08-2024)
XAGUSD Still has BUY Potential: Price Corrects to Trendline Area, Remains in Uptrend
XAGUSD Analysis
Fed Rate Cut Nears
Market confidence grows that the Federal Reserve will implement a rate cut in September, weakening the USD and strengthening precious metals, including silver.
Supported by Trendline
The price continues to move above the ascending trendline visible on the H1 time frame. A correction has occurred toward this trendline area, which also intersects with the entry zone based on the BoS area. A buying opportunity can be sought in this entry zone.
Forecast: STRONG XAGUSD
Resistance Levels:
- R1: 28.629
- R2: 29.579
- R3: 30.041
- R4: 30.569
Support Levels:
- S1: 27.500
- S2: 28.000
- S3: 28.500
- S4: 29.000
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. Exness South africa is not responsible for any losses that may arise from the use of this analysis.