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