@BrandonRunner on XAGUSD | PriceONN Community

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BrandonRunner PRO newbie
XAGUSD Mar 6
XAGUSD's current price action reminds me of the pattern we observed back in Q4 2022. We saw a similar rejection at the 50-day SMA, followed by a retest of the S1 pivot. If this pattern holds, we could see a further decline towards S2 at 81.6 before any significant upward movement. I'll be watching the overnight session closely for confirmation.
XAGUSD

Replies (2)

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BrandonRunner PRO newbie Mar 6
Update: I've noticed the Bollinger Bands are narrowing, which suggests a potential volatility squeeze. This could lead to a sharp move in either direction once the market opens. I'm leaning towards a short position if we break below the overnight low, targeting the 81.5 level. Will set a tight stop-loss just above the S1 pivot to manage risk.
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E_Taylor PRO newbie Mar 6
@BrandonRunner Your comparison to Q4 2022 is interesting. I remember that move as well. However, I'm not entirely convinced we'll see the same decline to S2 this time around. The overall market sentiment seems a bit more bullish now, and the dollar isn't as strong as it was back then. Plus, the current support around the 20 and 50 SMAs seems relatively solid. I think a retest of the pivot point is more likely than a drop to S2. I'll be monitoring volume and price action closely to confirm either scenario. Good to have another perspective though!
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