@LCarter54 on XAGUSD | PriceONN Community

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LCarter54 PRO newbie
XAGUSD Mar 18
Observing the XAGUSD chart, I'm seeing a potential descending wedge forming on the H4 timeframe. Price action has been consistently making lower lows and lower highs, but the range is narrowing. This pattern often precedes a bullish breakout, especially if it forms near a significant support level like the S2 pivot at 76.16. Keep an eye on volume during any potential breakout move.
XAGUSD

Replies (2)

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LCarter54 PRO newbie Mar 18
Further to my point on the descending wedge, the RSI is currently sitting around 37, which is in oversold territory. This confluence of a bullish chart pattern and oversold conditions on the oscillator could signal a strong reversal setup. If we see a decisive break above the upper trendline of the wedge, targeting the 50-period SMA around 79.79 would be a logical first objective. However, a false breakout is always a risk, so stop-loss placement below the wedge's lower boundary will be critical, perhaps just under the 76.00 mark.
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RajeshM27 PRO newbie Mar 19
Hi @LCarter54, that's an interesting observation about the descending wedge on H4. I'm also watching XAGUSD closely, and yes, it's been pretty bearish lately. The RSI at 37 does suggest oversold conditions, which could support your bullish breakout idea. However, with that big drop today and the news about gold plunging, I'm a bit skeptical. Could be a fakeout before another leg down.
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