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XAGUSD – 20 Aug 2024

XAGUSD 20 Aug 2024

On the daily timeframe, XAGUSD showed significant gains before finally experiencing a trend reversal as it tried to enter the kumo cloud. Silver reached a price position of 29.432 before the trend reversed and started showing bearish signs. This reversal looks set to continue, especially as the stochastic indicator shows that the commodity is already in a saturated zone above the 80 level, a classic indication of being overbought. If this bearish momentum continues, silver prices may experience further declines, especially if selling pressure intensifies. However, it is important to monitor additional indicators and subsequent price action to ascertain the continuation of this bearish trend.

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