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XAGUSD Forms Double Top, Potential Downside
XAGUSD Analysis – The rise in XAGUSD was halted by resistance. On the H1 timeframe chart, there is an observation of a double top formation in XAGUSD. There is a potential reversal to the downside for XAGUSD today.
Today’s Trading Strategy:
- Initiate Sell Stop @24.200
- Target: 24.050 – 23.950
- Alternatives:
- Consider Buy Stop @24.400
- Target: 24.600 – 24.800
Resistance Levels:
- R1 24.400
- R2 24.600
- R3 24.800
Support Levels:
- S1 24.200
- S2 24.050
- S3 23.950
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