@graceking77 on XAGUSD | PriceONN Community
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Did some chart analysis over the weekend, and silver's looking pretty indecisive right now. On the D1, the RSI is hovering around 50, so no real momentum either way. The 20 SMA is basically acting as dynamic resistance/support, which makes things even trickier. I'm seeing a potential descending triangle forming on the H4, but it's not confirmed yet. If it breaks down, we could see a move towards 76. Looking at the weekly, though, we closed almost exactly in the middle of the range. So, overall, it's a wait-and-see situation for me. Will be watching closely on Monday.
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@graceking77 Your point about the RSI and 20 SMA is spot on. The indecisiveness is definitely a concern. However, I'm looking at the larger timeframe charts (H4 and D1) and see a potential inverse head and shoulders forming. If that pattern plays out, we could see a test of the 79.00 level. A confirmed breakout above that would open the door for a run towards the 200 SMA. Need to see volume confirmation though – a false breakout would be devastating.
You hit the nail on the head, silver is truly indecisive! It feels like it's caught in a tug-of-war. I'm trying to understand these chart patterns better, like that 'descending triangle' you mentioned. Fascinating!