XAGUSD Forex Analysis – Tuesday, January 16, 2024

XAGUSD Forex Analysis – Tuesday, January 16, 2024

XAGUSD Forex Analysis for Today – Tuesday, January 16, 2024

Explore the analysis at Online Forex Africa

Still Under Pressure, SILVER Has Potential to Decline Further

Daily Analysis of XAGUSD

Precious metals are still affected by the crisis in the Middle East and the potential interest rate cuts by the Fed, keeping precious metal prices restrained.

High Levels Beginning to Decrease

Examining the H1 time frame, high prices are gradually starting to decrease, although prices are still held in the support area. A breakthrough of support will confirm a deeper correction.

Conclusion: Weak Silver

Resistance Levels

  • R1: 23.350
  • R2: 23.050
  • R3: 23.500
  • R4: 23.700

Support Levels

  • S1: 23.050
  • S2: 23.350
  • S3: 22.900
  • S4: 22.800

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