@ericsailor on XAGUSD | PriceONN Community
Looking at XAGUSD right now, I'm seeing what might be a bit of a descending triangle forming on the hourly chart. The price action seems to be respecting that upper trendline while bouncing off a fairly consistent support level around the 68-69 dollar mark. Does anyone else spot this pattern and have any thoughts on potential plays?
Replies
On that descending triangle idea, I've been thinking about the implications if it breaks. If it holds, we might see a nice little upward move towards the 71.60s, which would be great. But if that lower support around 68.50 cracks, given the current news about interest rates, we could be looking at a much sharper drop. I'm considering a small long position if it retests that upper line and bounces, but I'll have a tight stop loss just in case. It's always a gamble though, isn't it? One minute you're feeling good, the next you're staring at red. Gotta love trading!