XAGUSD Forex Analysis – Thursday (02-05-2024)

XAGUSD Forex Analysis – Thursday (02-05-2024)

XAGUSD Forex Analysis for Today – Thursday (02-05-2024)

Visit XAGUSD Forex Analysis

Strength of XAGUSD Hindered by Resistance, Look for Selling Opportunities

XAGUSD Daily Analysis

Fed: Interest Rate Cuts Not Considered

The rise in silver prices is backed by the Fed’s statement that it will reduce Quantitative Easing. On the other hand, Powell also said that the option to cut interest rates is still far off until inflation drops to the two percent target.

Prices Hindered at Resistance

The increase in silver prices is hindered by the resistance area. Sell opportunities can be taken if there is confirmation of a bearish signal in the resistance area.

Prediction: WEAK XAGUSD

Resistance Levels

  • R1: 27.169
  • R2: 26.652
  • R3: 27.333
  • R4: 27.571

Support Levels

  • S1: 26.652
  • S2: 27.169
  • S3: 26.533
  • S4: 26.385

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