@linda4003 on XAGUSD | PriceONN Community
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Silver's been trading in a pretty tight range lately, almost like it's coiling up for a bigger move. Keep an eye on those Bollinger Bands, a break outside could signal the next direction. NFA, just my observation.
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Hey @linda4003, I totally agree with your observation about XAGUSD coiling up! It's been frustrating watching it trade sideways, but your point about the Bollinger Bands is spot on. I've been looking at the RSI as well, which is currently sitting around 39.5. That's pretty close to oversold territory, and historically, when it dips below 40 and then starts to climb, we often see a nice bounce. We're also seeing price hovering just below the 50-day SMA at 80.61, which has acted as resistance recently. If we can break through that, and more importantly, push beyond the 80.84 level from the 20-day SMA, I think we could see a strong move upwards. The 81.04 pivot point is also a key level to watch. Let's see if this London/NY overlap session brings the volatility needed for that breakout!
Agreed @linda4003, the Bollinger Bands are definitely key here. It feels like we're stuck between the middle and lower bands right now, which is concerning given the bearish sentiment.