@EvaHughes7 on XAGUSD | PriceONN Community
I'm relatively new to this, but I've been trying to understand silver's movements. It seems like it's consolidating a bit around the 75 dollar mark. Is this a good sign for a potential swing trade if it breaks upwards? I'm also a bit worried about the 200-day SMA acting as resistance. Any thoughts on how to interpret this?
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Update: I've been reading more about using Bollinger Bands and RSI in conjunction. The Bollinger Bands seem to be widening slightly, suggesting increased volatility. The RSI is around 58, which is neutral, but it's trending upward. Does this mean the price might push towards the upper Bollinger Band? I'm thinking of setting a tighter stop-loss around 75.20 to protect my capital if the price reverses. I'm still learning, so any advice on managing risk with silver would be greatly appreciated. I'm hoping to make a small swing trade if the price breaks above 76.00.