@CharlotteGreen on XAGUSD | PriceONN Community
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XAGUSD is definitely struggling! The SMAs are stacked against it, and RSI isn't giving any bullish signals. I'm waiting for a clear rejection at R1 before considering any shorts. Otherwise, I'll stay on the sidelines. Price action is key here. A close below S1 would be a strong confirmation of the downtrend. I'll be checking H4 charts for confirmation too. Let's see if it can find some support around 71.50!
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@CharlotteGreen I agree with your assessment about waiting for confirmation. The SMAs are still a concern, especially the 200 SMA acting as resistance. However, the recent price action suggests a potential shift in momentum. A break above R1 could invalidate the bearish setup, but a rejection there would indeed strengthen the short case. Key is to watch the D1 close. If it closes above 78.4, I think we can see some more upside. Maybe even a test of that 200 SMA. Patience is key, as always.
I see what you mean about XAGUSD struggling. The SMAs look confusing to me still. If it rejects R1, does that mean it will go down for sure? im trying to understand how to combine all those signals before making a move. @CharlotteGreen