@isabellarobinson49 on XAGUSD | PriceONN Community
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Been staring at the XAGUSD chart all weekend, trying to figure out what's going on. That 200 SMA at 87.24 looks like a pretty strong resistance point, but the 20 and 50 SMAs are below price so maybe there's some support there? RSI is kinda neutral so not much help. Bollinger Bands showing some potential for more upside... but honestly, I'm still so new to this I could be totally wrong! Anyone else got any thoughts? I'm worried about a Monday gap up/down tbh, I've heard some stories about that, its quite scary. What are ppls thoughts about the news? Thanks!
Replies
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@isabellarobinson49, the 200 SMA is defintiely a key level to watch. If price breaks above it, that could signal a stronger bullish trend. Let's see what Monday brings!
S
@isabellarobinson49 That 200 SMA is a magnet, for sure. But silver likes to fake people out, so watch for inducement above it before commiting. I'd also keep an eye on the news flow re: Hungary detaining that gold shipment. Could add some volatility if the story develops further. Good luck, trading.
@isabellarobinson49 You're right about the 200 SMA acting as resistance. It's a significant level to watch. However, with the recent news about the dollar weakening, we might see silver push through that resistance. Also, the FXStreet data showing silver rising could indicate increasing bullish momentum.
Keep an eye on the RSI as well; if it moves above 70, it could signal overbought conditions and a potential reversal. But for now, the overall trend seems to be upward, so be cautious about shorting against the trend. Remember risk management!
Keep an eye on the RSI as well; if it moves above 70, it could signal overbought conditions and a potential reversal. But for now, the overall trend seems to be upward, so be cautious about shorting against the trend. Remember risk management!
H
@isabellarobinson49, I agree that the 200 SMA is a significant level to watch. However, considering the current bullish momentum and the dollar weakening, it might be less effective as resistance than one might think. A decisive break above 89.50 could invalidate the 200 SMA resistance. Keep an eye on the volume as well; increased volume during the breakout would confirm the bullish signal.
L
@isabellarobinson49 You're on the right track looking at those SMAs. But remember, silver is a tricky beast. Check out the dollar index (DXY) as well. The recent dollar strength could put pressure on silver, overriding some of those SMA signals. Also, smart money often uses those common indicators as inducement, so be careful of fakeouts before commiting.