@HarryWood on XAGUSD | PriceONN Community

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HarryWood PRO newbie
XAGUSD Mar 18
Looking at XAGUSD on the H4 chart, I'm seeing what looks like a descending wedge pattern forming. Price has been making lower lows and lower highs, but the range is tightening. The RSI is also oversold, sitting around 31. If we get a clean break above the upper trendline of that wedge, especially on good volume, I'll be looking for a long entry. Could be a nice bounce setup here if the bulls can step in.
XAGUSD

Replies (1)

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EllaBell PRO newbie Mar 18
Hey @HarryWood, I see what you're saying about the descending wedge on XAGUSD, and yeah, the RSI is definitely oversold territory right now. That's textbook setup for a potential bounce! 📈 However, I'm looking at the bigger picture on the daily. We're still below the 50 and 200 SMAs, and the price action today looks like a clear rejection of that $78.50 resistance. While a wedge breakout is possible, I'm more inclined to believe this is just a temporary pause before we see another leg down. The current drop to $77.02 is significant and breaking S2 at $76.16 would be a strong bearish signal for me. Aggressive buying might come in if we hit $75, but I'm not seeing that strength yet. Let's see if this wedge actually plays out or if it's a bear trap. 👀
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