@PriyaS14 on XAGUSD | PriceONN Community
Anyone else noticing a potential inverse head and shoulders forming on the 4H chart for silver? The right shoulder seems to be completing around 85.50. RSI is also showing bullish divergence. Could be a good long entry if it breaks the neckline around 87. Though with the Iran news, might be a false breakout. What's everyone's take?
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Oh and I'm also keeping an eye on the 200 SMA... if silver can break and hold above it, that would be a strong confirmation for the bullish setup I mentioned earlier.
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@PriyaS14 That inverse head and shoulders on the 4H is interesting! I was looking at the daily chart and noticed the RSI is still pretty low, sitting around 32, so it's oversold. Plus, with the dollar so strong atm, I'm not sure if a bullish reversal is on the cards just yet. I'm thinking we might see a bit more consolidation before any major move up. Maybe wait for a clearer break of that neckline you mentioned before jumping in golong? Just my opinion tho, I'm pretty new to this!