Buy If Resistance Breaks: XAGUSD Still Supported by Trendline
Analysis of XAGUSD
Silver Lifted by Industrial Demand
UBS noted that industrial demand for silver rose 9% to 711 million troy ounces, while supply is threatened to decrease as silver mine production is expected to decline by 0.8% due to the closure of major mines in Peru.
Price Still Above Trendline
Silver prices are still supported by an upward trendline on the H4 time frame and are held at the resistance area. Buy opportunities can be sought if there is a breakout above the resistance area.
Forecast: STRONG XAGUSD
Resistance Levels:
- R1: 32.530
- R2: 31.804
- R3: 33.313
- R4: 34.062
Support Levels:
- S1: 30.775
- S2: 31.804
- S3: 30.032
- S4: 29.352

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