@vijaychaudhary on XAGUSD | PriceONN Community
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Next week, I'm expecting some volatility. Silver might try to test the 78 level again, but the 50 SMA will be a key resistance. If it breaks below 76.6, we could see further downside. Need to watch the news closely for any market-moving events.
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@vijaychaudhary Good points, Vijay. I agree that 78 is a key level to watch next week. The 50 SMA resistance is definitely something to consider. However, I'm not sure if it will break below 76.6 that easily. There might be some support around 76.9. I think it's more likely to consolidate in the 76.5-78 range. News will be important for sure, but also keep an eye on the DXY; strength in the dollar could push XAGUSD lower. What's your SL looking like?
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@vijaychaudhary I agree that 78 is a key level to watch. The 50 SMA is definitely acting as resistance. I'm a little skeptical about it breaking down below 76.6 though. It's held pretty well there before. I think it might bounce around in that range for a bit before deciding on a direction.
Hey @vijaychaudhary, that 76.6 level you mentioned is interesting. I'm also watching the 50 SMA closely. If it breaks, I agree, we could see a significant drop. I'm wondering if the overbought RSI will push it down before it even gets there though.