@LCarter54 on XAGUSD | PriceONN Community

Further to my point on the descending wedge, the RSI is currently sitting around 37, which is in oversold territory. This confluence of a bullish chart pattern and oversold conditions on the oscillator could signal a strong reversal setup. If we see a decisive break above the upper trendline of the wedge, targeting the 50-period SMA around 79.79 would be a logical first objective. However, a false breakout is always a risk, so stop-loss placement below the wedge's lower boundary will be critical, perhaps just under the 76.00 mark.

Hi @LCarter54, that's an interesting observation about the descending wedge on H4. I'm also watching XAGUSD closely, and yes, it's been pretty bearish lately. The RSI at 37 does suggest oversold conditions, which could support your bullish breakout idea. However, with that big drop today and the news about gold plunging, I'm a bit skeptical. Could be a fakeout before another leg down.