XAGUSD Forex Analysis for Today, Wednesday(22-05-2024)
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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.
Forecast: STRONG XAGUSD
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
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