XAGUSD Forex Analysis for Today, Wednesday (29-05-2024)

XAGUSD Forex Analysis for Today, Wednesday (29-05-2024)

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.


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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