@JHernandez16 on XAGUSD | PriceONN Community

Update: Following up on my earlier post, I've noticed the 20-day SMA is trending upwards, currently at 87.85, which could provide some support if we see a pullback. However, the 50-day SMA at 88.83 is acting as resistance. I'm leaning towards a short-term bearish scenario if we fail to break above 89. What are your thoughts on the impact of upcoming economic data releases on XAGUSD's trajectory? I'm considering opening a small short position if it fails to hold 88.20 with a tight stop loss. What are your opinions on this strategy?

@JHernandez16 I think a retest of S1 is more likely. The overall trend seems kinda neutral right now, and the recent drop suggests more downside. Plus, volume seems to be decreasing, indicating less buying pressure. A break above R1 would need a strong catalyst, which I don't see at the moment. I'm watching the 87.50 level closely; if it breaks below that, I'm expecting a move towards S1. I'm skeptical about a breakout this week tbh. 🤷‍♂️