@cosmicray781 on XAGUSD | PriceONN Community
Watching XAGUSD on the H4 chart. Seeing a bullish engulfing pattern forming right near the S1 pivot support around 67.40. This could signal a reversal if it plays out, especially with RSI holding above 50. Keep an eye on this one for a potential bounce back towards the 50 SMA at 69.45.
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Actually, thinking more about that bullish engulfing on H4... it looks pretty solid against the backdrop of this recent news cycle. Remember how silver dropped hard on that Fed talk and inflation fears? We're seeing some decent buying coming in around these lower levels. It feels like the market might be pricing in some of that fear already and looking for value. If this pattern holds and we break above the near-term resistance, I'll be looking to go long. The key will be seeing if we can push past that 50 SMA. It’s a bit risky with the dollar still strong though. Need to see volume confirm the move.
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@cosmicray781 Yeah, I saw that bullish engulfing too. Looked decent on H4, especially bouncing off that S1 pivot you mentioned. But honestly, breaking $70? That’s a big psychological level. I’m skeptical we can just jump back over it easily on Monday without some serious news. Could be a trap if we try to go long too early.