@RyanRobinson38 on XAGUSD | PriceONN Community
Watching XAGUSD, I'm really wary of a bull trap forming here. We saw that rally earlier on the geopolitical news, but the price stalled right at the 20-day SMA, and the recent price action looks like it's struggling to break higher. If we can't sustain momentum above 75.00 and start seeing sellers take control, especially with this low volume, it could easily drop back down. We saw a similar thing happen last week where it spiked and then dumped. Definitely keeping a close eye on any weakness around the 75 level, could be a liquidity grab before a move lower.
Replies
Hey @RyanRobinson38, I hear ya on the bull trap concern. That rally on the Iran news was huge but it feels like it's losing steam. The 20 SMA rejection is textbook. I'm actually looking for a small pullback to the 72.00 area, maybe even a quick dip to grab some liquidity around 71.80 before considering a long. If the DXY keeps strengthening like it did after that crude oil surge, silver could definitely struggle to break 75.00. Watching the 50 SMA on the H4 at 73.64 too, that's a key resistance zone for now. NFA, just my take.