@anthonyyoung67 on XAGUSD | PriceONN Community
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XAGUSD looking prime for a breakout! RSI at 62.5 confirms bullish momentum, and we're testing R1 resistance at 90.28. A clean break above this level could trigger a rapid move towards R2 at 90.53. Watching for confirmation on the hourly chart; volume will be key!
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Update: Just noticed a potential ascending triangle forming on the 15-minute chart. The upper trendline aligns perfectly with R1, adding confluence to the breakout scenario. A measured move from the triangle base projects a target of approximately 90.80, slightly above R2. However, be cautious of a potential fakeout – a quick dip below 90.20 would invalidate the pattern. Setting a tight SL just below the 20 SMA on the 15m timeframe. This looks like a great scalp if it plays out!
@anthonyyoung67 I agree that a break above R1 could signal further upside for XAGUSD. However, the overbought RSI makes me cautious about entering a long position immediately. I'll be watching the initial reaction to the news closely and waiting for a potential pullback before considering an entry.