XAGUUSD Forex Analysis for Today, Wednesday (17-07-2024)
Reached TP2, XAGUSD Still Has BUY Opportunity at Support Area
Analysis XAGUSD
Market Confident Fed Will Cut Rates in September
The market is increasingly confident that the Fed will cut rates in September even though the 2 percent inflation target has not been met. According to the CME Fedwatch Tool, about 93 percent of market participants believe that the Fed will start the rate-cutting cycle in September.
Monitor Support Area
The price successfully reached TP2 as per yesterday’s analysis. Buying opportunities can still be sought if a correction back to the support area occurs.
Forecast: STRONG XAGUSD
Resistance
- R1 30.073
- R2 30.943
- R3 31.316
- R4 31.739
Support
- S1 30.000
- S2 30.500
- S3 31.000
- S4 31.500
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