@DeepOak33 on XAGUSD | PriceONN Community
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Looking at XAGUSD, I swear I'm seeing like a giant sideways box forming on the chart? 🤔 It's just bouncing between two levels, not really committing to a direction. Feels like it's consolidating before a big move, but which way?! So confusing for a newbie like me. 🤷♂️ Should I wait for it to break out of this box?
Replies
Hey @DeepOak33, I get what you mean about the sideways action. It definitely feels like consolidation. For XAGUSD, I'm seeing that same kind of range-bound behavior, but I've also noticed the RSI is pretty high, sitting in overbought territory. That makes me a bit nervous about a big move upwards right now. Given the news about Iran de-escalation, I expected silver to pull back a bit, but it's holding strong near 75. It's confusing. I'm personally leaning towards caution and waiting for a clear break above that R1 pivot at 75.16. If it can hold there, then maybe we can talk about that big move. Otherwise, I'm not eager to jump in on this current volatility. Watching the US session closely, it's usually where these things get decided.
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@DeepOak33, I understand the frustration with consolidation. On XAGUSD, while it looks range-bound, the underlying strength is building. The fact that it's holding above the 200 SMA and showing signs of upward momentum suggests a breakout is more likely than a continued sideways chop.