XAGUSD Forex Analysis for Today, Wednesday(22-05-2024)

XAGUSD Forex Analysis for Today, Wednesday(22-05-2024)

XAGUSD Forex Analysis for Today, Wednesday(22-05-2024)


Opportunity to BUY XAGUSD: Potential Ascending Triangle

XAGUSD Analysis

Silver Prices Stable

The dollar index, which has tended to move flat since the beginning of the week, has kept silver prices relatively stable. However, the market is still anticipating the prospect of Fed rate cuts, given that Fed official Christopher Waller, who was previously hawkish, stated that he no longer sees the need for further rate hikes.

Potential Ascending Triangle

There is potential for an ascending triangle pattern to form on the H1 time frame. A breakout above the resistance area will confirm the ascending triangle pattern and open up buy opportunities.


Resistance Levels:

  • R1 32.850
  • R2 30.624
  • R3 33.313
  • R4 34.062

Support Levels:

  • S1 30.624
  • S2 32.850
  • S3 30.247
  • S4 29.875

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.

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