XAGUSD Forex Analysis for Today, Wednesday (31-07-2024)
Potential BUY XAGUSD: Down Trendline Broken
XAGUSD Analysis
Fed Expectations Pressure USD
Silver prices rose on expectations of a Fed rate cut in September. The Fed is also scheduled to announce interest rates on Thursday morning, expected to hold rates at 5.5% before starting the rate cut cycle in September 2024.
Down Trendline Broken
The downward trendline seen on the H1 time frame has been broken. There is a possibility that prices will move up. Be cautious of a potential pullback to the trendline area.
Prediction: STRONG XAGUSD
Resistance
- R1 27.248
- R2 28.500
- R3 28.000
- R4 27.500
Support
- S1 28.376
- S2 27.382
- S3 29.355
- S4 30.139
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