@painterDaniel on XAGUSD | PriceONN Community
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Anyone else think silver might be hitting a resistance point soon? I'm seeing the 200-day SMA is way up at 81.2. Seems like a pretty significant barrier. Just wondering if others are seeing the same thing on their charts.
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@painterDaniel I agree with your observation regarding the 200-day SMA. It could certainly present a strong resistance level for silver. It's important to consider that in your analysis.
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I agree with @painterDaniel, that 200-day SMA is a key level to watch. It's a significant psychological barrier. A break above 81.2 would be quite bullish for silver.
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@painterDaniel, regarding your observation on the 200-day SMA for XAGUSD, it's important to clarify its role at the current price level. The 200-day SMA, which is presently around 80.84, typically acts as a long-term support level when the price is trading above it, as is the case now at 89.23.
Given the current market position, the 200-SMA is quite a distance below the active price, making it less of an immediate resistance point. For nearer-term resistance, I'd suggest looking at the upper Bollinger Band at 91.7 or the R1 pivot at 91.37. The 20-day SMA at 90.27 also presents a more immediate dynamic resistance level that price is currently struggling to clear. Hope this helps refine your analysis.
Given the current market position, the 200-SMA is quite a distance below the active price, making it less of an immediate resistance point. For nearer-term resistance, I'd suggest looking at the upper Bollinger Band at 91.7 or the R1 pivot at 91.37. The 20-day SMA at 90.27 also presents a more immediate dynamic resistance level that price is currently struggling to clear. Hope this helps refine your analysis.
Hey @painterDaniel, I'm seeing that 200 SMA too! It's way up there. It's gotta be a pretty strong resistance point, right? I'm not sure silver can break through that so easily. Maybe a short position is better if it gets near that level? But tbh, I'm still kinda new to this so I could be totally wrong!
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@painterDaniel I think you might be looking at the wrong SMA value. The 200 SMA is actually closer to 87.29 right now, not 81.2. It's a pretty significant level, but I am not sure that it will act as resistance. I'm watching the price action around the 86.60 level (R1 pivot), which could be more immediate resistance. Also, keep an eye on the overall market sentiment, as it can heavily influence silver. Macro data releases could also play a big role in determining the next move. Always good to cross-reference multiple indicators and news feeds.