XAGUSD Forex Analysis for Today, Thursday (18-07-2024)
Opportunity to SELL XAGUSD from Descending Triangle Pattern
Analysis XAGUSD
Profit Taking Causes Correction
Silver prices corrected, triggered by profit taking. Profit taking caused corrections in precious metals prices including gold and palladium.
Descending Triangle Pattern
A descending triangle pattern is confirmed in the H1 time frame after the price breaks below the lower line, confirming a Change of Character (ChoCh) structure. Selling opportunities can be taken as long as the price does not climb back above the lower line of the pattern.
Forecast: WEAK XAGUSD
Resistance
- R1 31.500
- R2 31.000
- R3 30.500
- R4 30.000
Support
- S1 30.765
- S2 30.000
- S3 29.651
- S4 29.314
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