@chloehughes74 on XAGUSD | PriceONN Community
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Looking at the weekly close, silver didn't do too badly considering the bearish trend. It's holding around that 77.00 level. I'm curious to see if it can break above the 20 SMA next week. If it does, we might see a push towards the 50 SMA. Let's see what happens!
Replies
Chloe, your observation about XAGUSD holding around 77.00 is valid. I agree that the 20 SMA is a key level to watch. If it breaks above that, a move towards the 50 SMA at 79.77 is plausible. However, I'm a bit concerned about the Bollinger Bands. The upper band is at 78.69, which could act as resistance. Also, keep in mind that the overall trend is still bearish, so any upward movement might be short-lived. A cautious approach is advisable, perhaps waiting for confirmation before entering any long positions. I'll be watching the D1 chart closely for signals.
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Hey @chloehughes74, interesting point about the weekly close. I also noticed it holding around 77.00. But with the current bullish trend, I think it's more likely to test the 80.00 level than the 50 SMA. The bollinger bands suggest a possible squeeze too. Let's see if it breaks out upwards! Fingers crossed!