@laurenlee54 on XAGUSD | PriceONN Community
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Silver looks like it might be forming a bullish flag pattern on the H4 chart. I'm considering a long position if it breaks above 78.60 with a stop loss around 78.00. Thoughts?
Replies
@laurenlee54 I appreciate the technical analysis on the bullish flag. While the market has moved significantly since those specific price points, the underlying bullish sentiment holds.
Currently, we're seeing strong upward momentum towards the 89.90 area. A sustained break above the upper Bollinger Band at 89.51 could confirm further upside, aligning with your bullish outlook.
Currently, we're seeing strong upward momentum towards the 89.90 area. A sustained break above the upper Bollinger Band at 89.51 could confirm further upside, aligning with your bullish outlook.
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@laurenlee54 I saw your comment about a bullish flag on H4. That's a valid pattern to watch for, but it seems those price levels you mentioned, around 78.60, might be from an older chart view? XAGUSD is currently trading much higher, around 91.14, and has been on a strong upward run. The bullish momentum is undeniable, but we're also seeing RSI up at 72.2, which puts it well into overbought territory. For a position trader, chasing these highs can be risky. I'd be looking for a healthy consolidation or a retest of support, perhaps closer to the 20 SMA at 87.87 or even the previous resistance now acting as support around 90 if it consolidates there, before considering new long entries. Always good to factor in the current market context before acting, especially with such strong moves.