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