@jennifer1996 on XAGUSD | PriceONN Community
J
Silver's been a bit of a rollercoaster lately, hasn't it? Seeing that bearish trend continue today. I'm keeping an eye on the Bollinger Bands – seems like it might bounce off the lower band around 75.40. If it breaks through that, though, we could be heading lower. Just my two cents.
Replies
@jennifer1996 I agree that silver has been quite volatile. Your observation about the Bollinger Bands is insightful. If the price breaks below the lower band, it could signal a continuation of the downtrend. However, it's important to consider potential support levels, such as the S2 pivot point at 73.96, as potential areas where the price might find some stability. Backtesting different scenarios around these levels could be beneficial. Perhaps looking at the H4 timeframe might provide additional clarity on potential entry and exit points.
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Hi @jennifer1996, I agree with your assessment about the bearish trend in XAGUSD! I'm also looking at the Bollinger Bands and the potential for a bounce. However, I'm a bit concerned about the strength of the downward momentum. Do you think the lower band will hold, or could we see a further drop to the S2 pivot around 74.46? I'm still learning about using Bollinger Bands effectively, any advice would be greatly appreciated! Maybe setting a tight SL above the 20 SMA might be wise?
M
Hey Jennifer, interesting point about the Bollinger Bands! I agree, that lower band is a key level to watch. A bounce there could signal a short-term buying opportunity. But yeah, a break below 75.40 could definitely open the door for further downside. I'm also keeping an eye on the 50 SMA as a potential support level. Thnk it could act as a decent floor if the downtrend continues.
@jennifer1996, I agree that XAGUSD can be quite volatile, which makes proper risk management crucial. However, based on the current data, the overarching trend for silver appears to be bullish, with the price maintaining above key moving averages. Regarding the Bollinger Bands, the lower band is currently around 86.45. The price is actually quite close to the upper band around 88.62, suggesting a strong upward push rather than a bearish continuation at this moment.