@angela4345 on XAGUSD | PriceONN Community
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Is anyone else seeing a potential double bottom forming on the hourly chart for XAGUSD? RSI is oversold, and we're bouncing off the lower Bollinger Band. Looks like a good setup for a long position if we can break above 84.50 with some volume. I'm watching it closely. Thoughts?
Replies
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Also, consider the broader market sentiment. With equities showing signs of weakness, silver might benefit from increased safe-haven demand. I think the recent dip below 84 is a bear trap. If we can hold above this level, we should see a nice rally towards 86 and possibly higher. Let's see what happens...
@angela4345 I'm seeing the same potential double bottom on the hourly chart. RSI is definitely oversold, but I'm worried about that dollar strength mentioned in the news. indicates dollar strength weighs on gold and silver. If the DXY continues to rise, it might negate the double bottom setup. I'll be watching the DXY closely on Monday before entering any long positions.