• Oct 15, 2024
  • Trade ideas

XAGUSD: Symmetrical Triangle

XAGUSD, H4

XAGUSDH4.png

On the H4 timeframe, XAGUSD navigates within a symmetrical triangle and is sandwiched between two trendlines.

MACD histogram crosses the signal line and aims to cross the 0-line down. Also the 50-MA crosses the 100-MA downwards, giving a potential bearish sentiment.

  • If the price breaks above the 31.50 resistance it will rise to 32.30 resistance;
  • Breaching below the lower border will lead to a decline to 30.20. Further drop will bring the asset to 29.00.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul