@funmilayo91 on XAGUSD | PriceONN Community
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Watching XAGUSD closely here on the H4 chart. I'm seeing what looks like a developing descending wedge pattern after that sharp decline. If price breaks convincingly above the upper trendline, it could signal a reversal. We also have RSI showing some bullish divergence on this timeframe, which adds to the possibility. Waiting for confirmation before considering any moves.
Replies
Hey @funmilayo91, I see your point about the descending wedge on H4, and the RSI divergence is definitely something to watch. However, given the current bearish trend and the overall market sentiment, especially with that news about risk aversion, I'm a bit hesitant to jump on a reversal just yet. That 72.41 upper trendline is a key level, and if we can't break it decisively, we might just see another leg down. My gut tells me we'll retest those lower pivot points, maybe even challenge the 200 SMA around 70.76, before any real upside can materialize. It's silver though, so anything can happen!