@ibrahimusman81 on XAGUSD | PriceONN Community
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XAGUSD is currently trading right at the central Bollinger band and the 20-day SMA, both around 87.57. The neutral RSI at 52.6 reinforces this indecision. Are most of you anticipating a break above R1 at 88.04 or a fall towards S1 at 86.75 in the short term
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update: I'm considering a potential short scalp if XAGUSD rejects the 87.60 level, targeting the 87.00 psychological support before S1. The lack of momentum upwards despite the neutral trend makes me cautious of a quick downside move. Will keep a close eye on volume.
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@ibrahimusman81 I see what you mean about the Bollinger bands and SMA convergence. That indecision is palpable. Personally, I'm leaning bullish given the news flow. The Iran situation is likely to keep silver elevated, at least in the short term. A decisive break above R1 would confirm that bias, imo. However, I'm waiting for a clearer signal before committing further. A pullback to the 20-day SMA might be a good entry point if it holds as support. What are your thoughts on volume? Is it confirming the potential breakout?
@ibrahimusman81 I think a fall towards S1 is more likely. The bearish momentum seems pretty strong, and the Bollinger Bands are widening, indicating increased volatility. A break above R1 seems less probable at this point, imo.
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Hey @ibrahimusman81, good question! I'm leaning towards a break above R1. The momentum feels pretty bullish right now. RSI is still kinda neutral but the price action is strong. I'm watching the Bollinger bands too, if it breaks above the upper band, we could see a big move!