@WiseStone45 on XAGUSD | PriceONN Community
Silver's breakout today is interesting... RSI is showing bullish momentum, but the 200-day SMA at 78.65 is a major hurdle. Anyone else think we'll see a pullback before it tests that level? What are your targets for next week?
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Update: Regarding my earlier question about the 200 SMA... I'm looking at the Bollinger Bands, and it seems like silver is already pushing against the upper band (around 78.58). That could act as immediate resistance, even before the 200 SMA. A close above 78.60 would be a very bullish signal, imo. I'm thinking of scaling into a long position if we see that confirmation. SL around 76.80. What do you guys think of this strategy?
P
Hey Amit, I'm also finding silver quite interesting today. The bullish momentum is definitely there, my RSI is around 57.5 so it's not super strong but pointing up. I'm a bit new to all the advanced stuff though. You mentioned the 200-day SMA at 78.65 being a major hurdle. Since the price is currently at 87.89, isn't that quite far below? I'm trying to understand how it acts as a hurdle when we're so much higher. Does it mean it might drop all the way back there before going up again? That would be a huge pullback! For next week, I'm just hoping for continued upward movement, maybe hitting R1 at 88.33. I'm more of a short term trader so these longer term targets are a bit hard for me to predict accurately, you know.