@llewis800 on XAGUSD | PriceONN Community
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XAGUSD is exhibiting some interesting behavior around the 90 mark. We're seeing a test of the R1 pivot level, and the RSI is trending bullish. It will be important to see if it can maintain above this level, or if we'll see a pullback towards the 20-day SMA. Overall, the long-term trend still seems to be up.
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Update: Looking at the hourly chart, XAGUSD seems to be forming a potential bull flag pattern. If we see a breakout above 90.30, that could signal a continuation of the upward momentum. The 50-period SMA on the hourly is also providing dynamic support. However, it's crucial to be aware of potential resistance around 90.50, which aligns with R2 pivot. I'm setting alerts for both a breakout and a potential rejection at that level. A confirmed rejection could signal a short-term pullback to around 89.80. It's all about waiting for confirmation.
@llewis800 Your observation about the 90 level is spot on. The R1 pivot is definitely a key area to watch. The bullish RSI is encouraging, but I'm hesitant to jump in without further confirmation. What are your thoughts on the potential for a double top forming near the 95 level? That could signal a significant reversal. Always have a clear exit strategy in mind. Never risk more than you can afford to lose. I think we should be careful here.