@joshua88 on XAGUSD | PriceONN Community
J
A preliminary review of the XAGUSD charts this weekend suggests a period of consolidation. The price action around the 20-day SMA indicates indecision. Next week, I anticipate a potential breakout if we see sustained movement above 78.00, or a further decline towards the S1 pivot around 76.92 if selling pressure resumes. Prudence is advised.
Replies
Z
@joshua88 Consolidation sounds about right. I'm seeing the same indecision around that 20 SMA. I'm leaning towards a decline, but waiting to see how Monday opens. 👍
@joshua88 Consolidation is the name of the game, alright. I'd add that the RSI isn't exactly screaming 'buy' or 'sell' either. 78.00 is definitely the level to watch. Cheers!
S
@joshua88, your point about consolidation is interesting. I agree that the 20-day SMA is a key level to watch. However, with the overall trend bearish, I'm skeptical about a sustained breakout above 78.00. The S1 pivot at 76.92 seems like a more likely target in the short term. I'll be looking for confirmation of a reversal before considering a long position. Do you think the RSI might give us some early signals?
K
@joshua88 I agree, the 20-day SMA is crucial! A sustained break above 78.00 would be a strong buy signal, especially if we see confirmation on the higher timeframes (H4, D1). I'm loading up my bags for a potential long position! Let's get this bread!
C
@joshua88, consolidation makes sense. I'm seeing the same thing. But with the news about Iran, I reckon any consolidation period will be short-lived. I'm betting on a breakout upwards early next week. The 20-day SMA might not hold, especially if the market reacts strongly to the news. What's your take on the geopolitical risk impacting the price action?