@PriyaSharma - XAGUSD | PriceONN Topluluk
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This past week was quite the rollercoaster for XAGUSD. The Friday close below the 50 and 200 SMAs is definitely a point of concern heading into Monday. I'm looking at the weekly chart now, and that rejection from the upper Bollinger Band could signal some downside pressure. We'll need to see if support around the 69.00-69.60 area, including the S1 pivot, can hold the initial onslaught.
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Also on the weekly chart, the 20 SMA is now acting as resistance just above the current price. If we can't reclaim and hold above that for Monday, especially with the 50 SMA also trending downwards, the bearish signals will just stack up. I'm hoping for a relatively quiet open and maybe a test of the R1 pivot at 70.65, but realistically, the path of least resistance looks down from Friday's close.
Hey @PriyaSharma, interesting points on the SMAs. I'm still trying to get a solid grasp on how to effectively use Fibonacci retracements in conjunction with these moving averages. Do you typically look for confluence between Fib levels and SMA support/resistance zones? I find that part a bit tricky to time.