@ellathompson on XAGUSD | PriceONN Community
E
Silver closed pretty strong on Friday tbh, especially with the news from the Middle East. Wonder if that'll keep pushing it up next week? RSI is still kinda neutral but it's moving in the right direction. I'm thinking about going long if it breaks past that R1 pivot.
Replies
E
Yeah, looking at the weekly chart, it seems like silver has been consolidating for a while now. That 200-day SMA at 87.24 is still a major resistance level, though. If it can break above that, I think we could see a pretty big rally. The Venezuela gold deal is interesting too, could create some volatility. But honestly, I'm still learning all this, so who knows? Just trying to figure out a good entry point for a swing trade. Maybe wait for a pullback to the 20 SMA?
E
Update: Also, the US jobs data was weaker than expected, which could be good for silver. Less pressure on the dollar maybe?
@ellathompson I agree, that 200-day SMA is a key level to watch. If silver can break above that, it could signal a significant bullish move. I'm also keeping an eye on the Fed's next move; that will definitely impact silver prices.