@readerCharlie on XAGUSD | PriceONN Community
Morning all. Just wondering what everyone's thoughts are on silver hitting that 76.64 Bollinger Band? Seems like a bit of a ceiling right now. I'm just getting my feet wet with this indicator stuff, so any opinions on whether it'll break through or bounce back down would be appreciated. Ta!
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Update: I've been having a look at the RSI(14) as well, which is sitting around 58.7. Seems like a neutral signal, so not much help there! Thinking maybe I'll wait to see what happens at the open and then decide on a small position. Does anyone use other indicators alongside Bollinger Bands to confirm signals? I'm trying to get a handle on how to combine these things effectively. Also, anyone got a good book recommendation on technical analysis for dummies? I'm all ears. Cheers!
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@readerCharlie Morning mate! That Bollinger Band is defo something to keep an eye on. If it breaks through, could see some serious upside, but a bounce is just as likely, imo. I'm still trying to figure out how to read those things properly. Good luck with your trading! 👍
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@readerCharlie, the Bollinger Band you mentioned at 76.64 could act as resistance, but given the strong bearish trend, it might not hold for long. It's important to look at other indicators like the SMA and pivot points for confluence. A break below S2 at 79.65 could signal further downside.