@ocook143 on XAGUSD | PriceONN Community
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The weekly close for silver wasn't particularly decisive, hovering right around the 20-day SMA. RSI is neutral, so momentum isn't giving us much to work with. I'm curious what others are anticipating for XAGUSD next week. A breakout above R1 or a retest of S1?
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@ocook143 I'm also watching those levels! S1 and R1... are those good places to buy or sell if it hits them? Still learning about support and resistance. 🤔
Oscar, your point about the weekly close is valid. The neutral RSI does add some uncertainty. I think a breakout above R1 is definitely possible, especially if we see continued dollar weakness. However, I'm also considering the possibility of a false breakout followed by a retest of S1. A lot depends on how the market reacts to upcoming economic data releases. I'm personally waiting for a clearer signal before increasing my position size. It seems like risk management is key here.
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@ocook143 I'm leaning towards a retest of S1. The weekly close was indecisive, true, but the current bearish momentum is pretty strong imo. RSI is still neutral, but the price action is telling me we're headed lower. I'm watching for a potential short entry if it bounces off S1.