Éedris FBS

03/04/2024

🧐 Industry analysts project a fourth consecutive year of silver deficits in 2024, alongside the second-highest demand level. With silver prices hitting a 10-month peak, expectations are for prices to surge to $35-50 per ounce this year, driven by a projected 9% year-on-year deficit reduction. Despite the decline, deficits remain historically high due to anticipated demand growth.

Additionally, the current gold-to-silver ratio stands above 80:1, suggesting that silver may be oversold compared to historical averages around 66:1.
XAGUSD has successfully breached above the 25.900 resistance zone and the ascending triangle. In the middle term, bullish momentum may push the asset towards the 29.00 target.

🚀 In the long term, FBS expects XAGUSD to move toward 48.00 global resistance.

02/04/2024

In the daily chart, a breakout above 152.00 could fuel a bullish surge toward 154.80, which coincides with the upper bound of the ascending channel and the 78.6% Fibonacci extension.

Conversely, if the 152.00 resistance holds, we may see a pullback toward the 149.20 support level. Notably, the bullish signal from the MACD indicator could support the potential upward momentum.

Are you buying or selling?

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02/04/2024

🪙XAUUSD is testing 2265.00!

📈If the price overcomes this resistance, it will reach 161.8 Fibonacci level at 2287.00.
📉However, if sellers defend 2265.00, XAUUSD may decline toward the 2243.00 - 2247.00 support range.

Do you know how to set targets using Fibonacci Retracement? Leave your comment if you want to learn 👇

02/04/2024

🔥3 trade ideas

✨XBRUSD is currently navigating within a channel, with the 87 resistance and 84.7 support levels defining its boundaries.
Should it rebound from the 87.00 resistance, it may retreat to the 84.70 support level.
Conversely, a breakthrough above the upper border could propel it toward the 88.70 level.

✨EURUSD is within a bullish falling wedge pattern and has recently breached its upper border.
If the asset surpasses the 1.0800 resistance level, it may signal a bullish continuation, potentially pushing the price toward 1.0860.

✨EURJPY has developed a bullish falling wedge pattern, with the price currently testing the upper border and the 163.40 resistance level.
If the price breaches above the 163.40 level, it may advance towards 164.40.
However, if there's a rebound from the upper border, the asset could decline towards the lower border and the 162.80 support level.

02/04/2024

02/04/2024

🔥 Attention to EURUSD!
Currently, the price is moving above the support trendline.
💡 If buyers hold the pair above this line, the primary targets are 1.0815, 1.0835, and 1.0860.
🧐 What do you think?