@IsabellaAnderson30 on XAGUSD | PriceONN Community
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Hey guys, anyone else seeing this? On the 15-min chart, it looks like XAGUSD is forming a little descending triangle. The sellers seem to be pushing it down to that 78.58 support level, but the buyers keep stepping in. I'm not sure if this means it's gonna break down or bounce. It's kinda confusing to watch.
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Yeah, that triangle pattern is definitely there. I'm just not sure if it's a real pattern or if I'm just seeing things because I want it to bounce. My money is kind of tied up in this, so I'm a bit stressed about it. It'd be cool if it breaks out upwards though, that would be awesome.
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Hi @IsabellaAnderson30, I see what you mean about the descending triangle on the 15-min. It's easy to get caught up in patterns when you're watching a position closely. On XAGUSD, the bigger picture from Friday's close shows us above key SMAs (20, 50, 200), which is generally bullish. While that triangle might play out on the short timeframe, I'm more inclined to trust the higher timeframe trend. Keep an eye on that 80.93 closing price and the S2 pivot at 81.02 for Monday. If those hold, the pattern might just be a minor pullback before continuing higher. Don't stress too much, just manage your risk!
Hey @IsabellaAnderson30, I totally get what you mean about the 15-min chart. It's so easy to get lost in those smaller timeframes when you have a position on the line. I've been watching XAGUSD too, and while I see the descending triangle you're talking about, I feel like the bigger picture is still showing some strength. The 200-day SMA is still holding up pretty well, and even though the price is fluctuating around the 80 level, it hasn't broken decisively below the 50-day SMA. Sometimes those short-term patterns can be a bit of a red herring, especially with the US session just kicking off and potentially bringing in more volatility. I'm holding off on making any big decisions until we see how it reacts to the major support levels you mentioned.