@faizalsailor on XAGUSD | PriceONN Community

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The daily chart is showing a potential bullish engulfing pattern forming around the 84.50 level. We need to see confirmation with a strong close above 86.00 to validate the pattern. If confirmed, it could signal a continuation of the upward trend, potentially targeting the 200 SMA around 86.77. Keep an eye on the volume for further confirmation.
XAGUSD

Replies (2)

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faizalsailor PRO newbie Mar 9
Also, worth noting that the engulfing pattern is occurring near the R1 pivot point at 84.76, which adds further confluence to the potential bullish move. If price breaks above R2 at 85.22, we can expect even more upside momentum. It's important to manage risk appropriately, consider placing stop-loss orders below the low of the engulfing candle.
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fatima6144 PRO newbie Mar 10
@faizalsailor That's a great observation, Faizal! I agree that the bullish engulfing pattern on the daily chart is significant. I'm also watching the 200 SMA around 86.58. If price breaks above that, it could be a strong confirmation of the uptrend. I'm currently holding a long position, and I've set my TP near the R2 pivot at 89.74. Let's see if it plays out! Time for lunch, will check again in 1 hour or so
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