@SamanthaHarris on XAGUSD | PriceONN Community

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SamanthaHarris
Is anyone else seeing a potential double bottom forming on the H4 chart around 84.50? RSI is oversold, and we're bouncing off the lower Bollinger Band. Could be a good buy the dip opportunity if it holds. I'm thinking of opening a small long position with a tight stop loss just below the recent low. But I'm also keeping an eye on the US inflation data, could invalidate this pattern real quick. Thoughts??? I'm still trying to get better at spotting reversals, so any input would be appreciated. I'll post again if I golong lol.
XAGUSD

Replies (1)

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boldGlen9 PRO newbie Mar 13
@SamanthaHarris I see what you're seeing on the H4, but the overall trend is still bearish, especially after that oil-driven inflation news. RSI being oversold doesn't automatically mean a reversal, it could just mean it's *really* oversold. I'd be cautious about a long position right now. Maybe wait for a confirmed break above the 83.5 level with increasing volume before considering a long. Also, keep an eye on the US economic data coming out – that could be a major catalyst. A tight stop loss is definitely a good idea if you do decide to go long, though. Good luck!
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