XAGUSD Whatch for a break of support. Siince the start of December 2023, XAGUSD has been clearly trending downward, establishing lower highs on our chart and pressing in the 22.00-22.15 support zone. However, despite yesterday's positive performance for XAUUSD , Silver remained largely unchanged, further reinforcing this bearish outlook. The overall structure maintains its bearish trajectory as long as the price remains below the 23 zone. Regarding targets, the support at the 21 zone presents a favorable risk-to-reward ratio if we choose to sell rallies above 22.50.
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Precious metal prices sink after a stronger-than-expected January jobs report, with gold futures down 1.2% and silver down 2.5%. The drop in gold comes after a 4-day winning streak, which brought the price close to the all-time high settlement of $2,093 an ounce set in December.
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