XAGUSD Forex Analysis – Wednesday (17-01-2024)

XAGUSD Forex Analysis – Wednesday (17-01-2024)

XAGUSD Forex Analysis for Today, Wednesday (17-01-2024)

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Prepare to SELL SILVER, Fed Likely to Postpone Rate Cuts

Daily Analysis XAGUSD

Strength of the Dollar Continues to Press Precious Metals

Silver is under pressure due to the strengthening USD following hawkish comments from a Fed official, Christopher Waller, which dampened expectations of further Fed rate cuts.

Bearish Bias Still Dominates

Prices are still moving in a bearish bias marked by the dominance of bearish candles on the H1 time frame. A breakthrough of support will confirm selling opportunities with even lower targets.

Conclusion: WEAK SILVER

Resistance

  • R1 23.000
  • R2 22.800
  • R3 23.100
  • R4 23.200

Support

  • S1 22.800
  • S2 23.000
  • S3 22.700
  • S4 22.300
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