• Sept 18, 2024
  • Trade ideas

XAGUSD: Following The Trendline

XAGUSD, Daily

XAGUSDDaily.png

In the Daily timeframe, XAGUSD breaches above the 30.30 resistance, coinciding with the golden Fibonacci pocket and facing the trendline.
The %R and Stochastic oscillators are in an overbought zone, potentially indicating a bearish pressure for the XAGUSD:

  • If the price breaks above the trendline, it will open the way to the 32.50 resistance;
  • However, a breaching below 30.30 and the golden Fibonacci pocket may trigger a decline to 28.80 support.
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Author: Timur Yurdagyul