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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.

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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Timur Yurdagyul

Author: Timur Yurdagyul

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