@poppystewart on XAGUSD | PriceONN Community
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XAGUSD is showing some interesting signals today. The price is hovering around the 50-day SMA, and the RSI is nearly at 60, which indicates potential upward momentum. However, the 200-day SMA is still considerably higher, acting as a possible resistance level. I'm curious to see if we can break through that barrier!
Replies
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Update: I'm going to set a tight stop-loss just below the S1 pivot at 75.21 to manage risk. Fingers crossed!
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Adding to my previous comment, I'm also keeping a close eye on the Bollinger Bands. The price is currently near the upper band, suggesting it might be slightly overbought in the short term. If it retraces back towards the middle band, around 73.83, that could present a good entry point for a long position, especially if it bounces off that level. However, a break below the middle band could indicate a bearish trend. What do you all think about using the Bollinger Bands in conjunction with the SMA for confirmation?
@poppystewart I've been watching the 50-day SMA too. It seems like a key level for XAGUSD right now. If it breaks through, we could see a significant move upward. Thnk it will?
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@poppystewart good observation on XAGUSD. The price has actually pushed much higher since then, now around 89.80, well above the 50-day SMA you mentioned. RSI is also stronger at 66.4. While it's bullish, I'd be cautios about chasing it here. The 200-day SMA is indeed a key level but we're still a bit from it tho. Maybe wait for a retest of support?
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@poppystewart, I agree, there are mixed signals in XAGUSD. The 50-day SMA is definitely a key level to watch, but I think the overbought RSI might limit upward potential in the short term. It's also important to consider the broader market sentiment; any risk-off moves could send investors flocking to silver. I'm keeping an eye on the D1 chart for a clearer picture of the overall trend. A break above 92 with solid volume could signal a more sustained rally, but until then, caution is warranted. Maybe wait for a pullback before considering a long position?