@roslan97 on XAGUSD | PriceONN Community
XAGUSD looks like it's in a bit of a holding pattern, doesn't it? 🤔 Price is right near the 20 SMA, almost hugging it at 87.65. RSI also sitting at 53.6, very neutral. No clear direction from technicals just yet. It's a waiting game for now. ⏳
Replies
To elaborate a bit more on my earlier thoughts... 🧐 For us position traders, the bigger picture is crucial. While short-term is range-bound, XAGUSD is still comfortably above its 50 SMA at 85.87 and especially the 200 SMA around 79.56. This suggests that the underlying trend remains constructive, perhaps just consolidating before another move. However, fundas are also important. We need to consider global economic data and how that impacts industrial demand for silver. Any weakness there could put pressure on the price, despite the technical support. So, I'm waiting for a clearer signal, maybe a daily close above the upper Bollinger Band at 88.84 or a strong rejection from the lower band at 86.46 before committing. Always managing risks first. 🛡️
A key level I'm watching is the 88.02 pivot point. A break above that could give us some bullish momentum. Otherwise, we might see a dip towards 87.50. 📉📈
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@roslan97 I agree, it's definitely in a holding pattern. I'm waiting for a clearer signal before making any big moves. Maybe next week we'll see some direction.