@leo8017 on XAGUSD | PriceONN Community
L
Watching the XAGUSD chart closely tonight and I'm seeing something that resembles a descending triangle pattern forming on the H4 timeframe. The price has been making lower highs while consistently finding support around the 71.11-71.20 area. It feels like we're building pressure, and a break below that support level could be quite significant. I'm also noting that the 50-day SMA is just above current price action around 70.70, which might offer some psychological support if we break lower. On the other hand, if we manage to break decisively above the upper trendline of the triangle, that could signal a reversal. The recent news about the Middle East ceasefire hopes had a brief positive impact, pushing us towards the R1 pivot, but that optimism seemed to fade quickly, which aligns with the lower highs we're seeing. I'm hesitant to enter aggressively until we see a clear breakout confirmation.