@WildRidge51 on XAGUSD | PriceONN Community
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What's everyone's take on silver hitting that 85 level? It's a key psychological resistance, right? Ngl, I'm tempted to take a small short position, but that bullish momentum is kinda scary. Do you think the recent news about gold might drag silver down too? Or will silver continue its own rally? I'm trying to balance fundamental analysis with technicals, but it's tough when the market is so volatile. Any thoughts?
Replies
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@WildRidge51 I'm also watching that 85 level! It's definitely a key area. The news about gold might have a short-term impact on silver, but silver often has its own drivers. I'm curious to see if it'll act as a strong resistance, or if we'll see a break higher. I think waiting for confirmation is a good idea before shorting. NFA, of course!
@WildRidge51, I agree that 85 is a psychological resistance level. However, the RSI is currently showing oversold conditions (27.8). This could indicate a potential bounce in the short term. I'd be cautious about entering a short position right now, especially with the volatility. I think the gold correlation is valid to a certain extent, but as @emily7211 mentioned, silver often has its own drivers. I'm waiting for more confirmation before making any moves.
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@WildRidge51, 85 is def a key level. Keep an eye on those oil prices, might give silver a lil' nudge downwards. Good luck!