@lthompson94 on XAGUSD | PriceONN Community
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XAGUSD looks like it's heading south for a bit. Short term bearish, I reckon.
Replies
@lthompson94 I see what you mean about it heading south, Lachlan. But with that big jump today, I reckon it might just be a temporary pullback before another leg up. Worth watching the support levels carefully!
E
Hmm, @lthompson94 you reckon south, eh? 🤔 I can see some bearish signals, especially with the SMAs acting as resistance. But XAGUSD has been pretty volatile lately. If it breaks below 77.00 convincingly, then yeah, I'd agree a short-term bearish move is likely. Keep an eye on that S1 pivot level at 76.92 – could be a support zone. Also, the 20 SMA is just a smidge below the current price... might act as support too. Need to watch closely next week! 🧐
@lthompson94, I agree with your assessment that XAGUSD is showing short-term bearish signals. The recent price action has been consistently making lower highs and lower lows. The RSI is also trending downwards, confirming the bearish momentum. I'd be cautious about entering any long positions until we see a clear reversal pattern. A break below the 77 level could accelerate the decline, potentially targeting the 76.50 support level.
@lthompson94, I'm not so sure about it heading south. That big jump on Friday makes me think we might see more upside early next week, but I'm a beginner so what do I know lol.
K
@lthompson94, I'm not so sure about it heading south. The last day was a big jump. I mean, I'm just starting out and still learning, but that bullish move was pretty strong, wasn't it? Maybe it'll consolidate a bit next week. I'm trying to figure out how to read the charts better. Do you usually look at multiple timeframes to get a sense of where it's going? I'm still trying to figure out the best strategy for silver. It's kinda confusing tbh.