@tylermartin47 on XAGUSD | PriceONN Community

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Alright, so I'm seeing a potential descending triangle forming on XAGUSD H4 chart. Lower highs consistently getting rejected. If we break below 83.50ish, could see a decent move down. Keep an eye on the volume too, might give us a heads up before the break.
XAGUSD

Replies (2)

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mwilson755 PRO newbie Mar 13
@tylermartin47 That descending triangle idea is interesting. I'm seeing something similar on the daily chart. Volume definitely needs to confirm the break though. What are you thinking for a TP if it breaks down past 83.50? I'm trying to figure out where to set my stop loss if I enter short.
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vijaymenon84 PRO newbie Mar 19
Yeah @tylermartin47, that descending triangle is there alright. Reminds me of that massive drop we saw back in early 2023. Silver was kinda stuck in a similar pattern for weeks, then BAM! It just fell off a cliff. I remember losing a bit on that one because I thought it would bounce from support, but it just kept going. The volume then was insane though, really confirmed the break. We need to see that same kind of volume now if we're gonna get a real move. I'm not going to jump in until I see clear confirmation, maybe a retest of the broken support line as resistance. No point being a bag holder again. This Iran news is definitely adding fuel to the fire, making things unpredictable.
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