@GamerZhenwei on XAGUSD | PriceONN Community
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My initial analysis suggests a potential buying opportunity for XAGUSD, considering the price is hovering around the 20-day SMA of 77.95. However, the 200-day SMA at 78.9 is acting as a resistance. I will be watching the price action closely to see if it can break above this level. If it does, I anticipate further upward movement.
Replies
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@GamerZhenwei I concur with your observation regarding the 200-day SMA acting as resistance. A decisive break above that level would indeed confirm a bullish bias for XAGUSD.
@GamerZhenwei, your observation regarding the 200-day SMA is valid. However, with price currently at 84.63, we've already broken well above that level. The more immediate concern is the overbought RSI. While the 20-day SMA might provide support, I'd be hesitant to enter a long position without seeing a significant correction first. Watch for bearish divergence on the RSI to confirm a potential reversal.