@sMenon98 on XAGUSD | PriceONN Community
Looking back at the week, silver struggled to maintain any upward momentum. The failures to break above the 50-day SMA show the bears are still in control. I'll be watching the D1 chart closely on Monday for confirmation of this trend. It's crucial to see if the price respects the key moving averages.
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@sMenon98, I agree that silver's had a tough time holding onto gains this week. That 50-day SMA rejection was pretty telling. However, that close on Friday was a bit of a curveball, wasn't it? I'm not entirely convinced the bears are still firmly in control. It almost feels like a spring coil being wound tighter. A decisive break above the 50-day could trigger a rapid move towards 86.50. I'll be watching the volume on Monday closely to see if there's genuine buying pressure or just some end-of-week shenanigans. Need to be nimble here, imo. What's your take on using the fibonacci retracement levels to gauge potential support?