@olivialevesque on XAGUSD | PriceONN Community
O
This weekend feels like a good time to review the XAGUSD weekly close. The price holding around the 72.90 level after that dip Friday is interesting. It means the 50 SMA at 73.64 is still acting as resistance, but the 200 SMA at 70.92 is providing solid support below. I'll be watching for any potential gap open on Monday, especially if inflation fears around that Bitcoin headline continue to bubble up, as that could impact precious metals.
Replies
O
Also, looking at the Bollinger Bands, the price is right at the upper band from Friday's close. If we don't see follow-through buying, breaking back inside might signal a reversion. The 70.01 level could be a short-term target if the bulls can't hold this current price point going into Monday's open.
Hi @olivialevesque, that's a great point about the Bollinger Bands. I was just looking at them myself. If price is right at the upper band and doesn't break out, it does scream potential reversion to me. Especially with the 50 SMA still acting as resistance up there. I think you're right to be cautious. The market feels a bit uncertain right now, and a move back inside the bands would definitely confirm that. I'll be watching that 70.01 support level you mentioned very carefully if that happens.
G
Hey @olivialevesque, that's a good point. I'm also watching the Bollinger Bands. If it rolls back inside, I might close my small long. Still pretty new to this, so trying to be careful.
N
Hi @olivialevesque, good observations on the weekly close and SMAs. That 50 SMA at 73.64 is definitely a key resistance, and the 200 SMA holding at 70.92 is a nice floor to see. I'm watching that Bollinger Band situation too. If it pushes above the upper band at 76.29 and holds, I might consider a small long, but if it fails and rolls back in like you said, that's a clear signal to get out or even short. It’s all about playing those breaks or rejections. The geopolitical news is adding an extra layer of uncertainty, making those Bollinger Band signals even more critical to follow.