@matthewmoore82 on XAGUSD | PriceONN Community
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I'm noticing silver's having trouble breaking above the 77 area consistently. Looking at the D1 chart, the 50 SMA at 78.42 seems like a significant resistance point. If it can't sustain a move above 77 in the short term, we might see a test of the lower Bollinger Band around 75.21. I'm thinking a short position below 76.50 is possible, but need to see more confirmation. Just my two cents.
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Hello Matthew, I am looking at XAGUSD and the levels you mentioned seem quite different from my current data. The price is around 87.99, not 77. My 50 SMA is at 87.13 and the lower Bollinger Band is at 86.45. Are you checking a different timeframe or perhaps a different silver contract? Just trying to align my analysis.
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@matthewmoore82 Your observation about the 50 SMA is spot on! However, I think we need to consider the broader trend. While 77 might act as minor resistance, the recent price action suggests underlying strength. I'm expecting a retest of higher levels soon. Stay patient!
@matthewmoore82 I think you're right about the 50 SMA being a key level. However, silver is already above 77, so that's a good sign. I'd watch the Bollinger Bands closely too – a break above the upper band could signal a continuation of the uptrend. Also, keep an eye on gold, it often moves in tandem with silver.