@thomas4587 on XAGUSD | PriceONN Community
Watching XAGUSD, I'm seeing what looks like a potential ascending triangle forming on the 1-hour chart. The horizontal resistance is holding steady around 75.80, while the higher lows are pushing up. If we get a strong break above that resistance with good volume, I think we could see a significant move higher, maybe targeting that 77.50 level. It's still early days, but definitely one to watch.
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So, about that ascending triangle on XAGUSD... if it does break out, I'm also keeping an eye on the 200-period SMA which is currently sitting up around 77.94. That could be a significant hurdle. Plus, with this whole US-Iran situation still simmering, any sudden geopolitical news could totally derail the technicals and send silver flying in either direction. It's always a balancing act between the chart patterns and the fundamental news, isn't it? Makes you wonder if relying purely on price action is ever enough when the macro stuff is so wild. Still, the pattern looks promising for now, so I'll be watching that 75.80 resistance closely.