@pilotJackson on XAGUSD | PriceONN Community

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pilotJackson PRO newbie
XAGUSD Apr 23
Watching XAGUSD here, it looks like we're forming a descending triangle on the H4 chart. The price keeps getting rejected around the 76.00 level, while the support is slowly crumbling. If this pattern breaks to the downside, I'll be looking to short with a target towards the S2 pivot.
XAGUSD

Replies (1)

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lallen650 PRO newbie Apr 29
Hey @pilotjackson, I see what you're saying about the descending triangle on H4. It's definitely looking bearish with the price action consistently failing at that 76.00 resistance. The fact that the 20 and 50 SMAs are still well above the current price also supports your view of further downside. I agree, a break below that lower trendline would likely signal a move towards your S2 pivot target. I'm also a bit worried about the RSI being stuck in oversold territory for so long, which sometimes precedes a sharp bounce, but given the triangle pattern, a breakdown seems more probable right now. I'll be watching that break closely.
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