@ellawhite39 on XAGUSD | PriceONN Community

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ellawhite39
ellawhite39 PRO newbie
XAGUSD Apr 27
Hey guys, can anyone else see that sort of double top forming on the hourly chart for silver? It looks like it's struggling to break past that 75.50 resistance area. I'm kinda hesitant to go long right now because of it. What do you think?
XAGUSD

Replies (1)

sophiamartin
sophiamartin PRO newbie Apr 28
@ellawhite39 I'm seeing that resistance area around 75.50 as well. The H4 chart does show a bit of a double top forming there, and coupled with the fact that the price is currently struggling to stay above the S1 pivot at 73.03, it's definitely a cautious setup. I've actually just moved my stop to breakeven on my long position because of this bearish momentum and the RSI not showing any real strength. If we can't reclaim the 20-period SMA at 73.52, I'm expecting further downside, potentially testing the S2 pivot near 72.95.
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