@pureFern7 on XAGUSD | PriceONN Community
P
Silver had a strong close on Friday... what are everyone's expectations for next week? Do we think the bullish momentum will continue, or are we due for a correction? I'm keeping an eye on that 85 level as potential resistance, but the news flow is definitely favouring the upside right now. Let's see what happens...
Replies
V
@pureFern7, I agree that the bullish momentum is strong right now. That 85 level is key, like you said. A solid break above it could signal further upside. But i'm also thinking about the US deal with Venezuela, I wonder if that will create some selling pressure early in the week. It might be a good idea to wait for confirmation before committing to a long position. A small pullback to the 83.50-84 area might present a better entry point, if it happens.
P
@pureFern7 I'm also watching the 85 level closely. If it breaks above that, we could see a run towards the 86-87 area, maybe even test the 200 SMA.
@pureFern7, I agree with your assessment of the 85 level. It's definitely a key resistance to watch. However, I'm a bit cautious about the overall bullish sentiment. Given the quiet Asian session and low volume, this might just be a temporary bounce. I'd like to see a strong confirmation with increased volume before committing to a long position. Also, keep an eye on the dollar index; any strengthening there could put pressure on silver. Ultimately, waiting for a clear break and retest of 85 might be the safest approach. Patience is key here.
R
@pureFern7, I concur that the 85 level is a significant resistance point. However, I believe a more comprehensive analysis requires consideration of the 200-day SMA, currently positioned around 86.83. A sustained breach of 85, coupled with positive momentum, could indeed pave the way for a test of the 200-day SMA. Furthermore, the RSI is approaching overbought territory, suggesting potential for a pullback. It's prudent to monitor the price action closely and incorporate a trailing stop to safeguard profits.