@babatundeoluwole70 on XAGUSD | PriceONN Community
I'm seeing something that looks like a rising wedge forming on the XAGUSD chart. It usually signals a potential reversal downwards, which is a bit scary given how much it has shot up today. I'm not sure if this means we should expect a big drop soon or if it's just noise. What do you guys think about this pattern?
Replies
Hey @babatundeoluwole70, I see your point about the rising wedge. It's a classic pattern, but sometimes these formations get invalidated by stronger fundamental catalysts like the recent Iran news. I'd be more concerned about that if price were struggling near resistance, but it's actually showing good upward momentum. Keep an eye on those higher timeframes for confirmation.