@EricHarris on XAGUSD | PriceONN Community
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Silver's been choppy lately. I'm watching for a potential breakout above that 79 level, but the 200-day SMA is acting as resistance around 78.75. If it can't break through, might see it test the lower Bollinger Band near 77.38. Waiting for confirmation before entering a position.
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@EricHarris, I agree with your assessment regarding the 79 level. However, I'd also be watching the Fibonacci retracement levels from the recent high. A potential target could be around 81.50 if this bullish momentum continues. The 200-day SMA is definitely a crucial level to watch, but given the current risk appetite, it might not hold for long. A decisive break above could trigger a significant rally. I'm also monitoring the MACD for confirmation; the histogram is showing increasing bullish divergence. Let's see if it confirms the bullish trend, if it does, we could see it test 82 soon! Remember, this market is highly volatile, so trade with caution.
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@EricHarris I agree that silver's been choppy. I think the breakout above 79 is key, but the RSI is getting pretty high. If it can't sustain above 90, we might see a pullback towards the 89 level before any real upward move. What are your thoughts on the RSI?
@EricHarris Good call on the 200-day SMA acting as resistance. I'm seeing the same thing. A decisive break above 94.00 would be bullish, but until then, I'm leaning towards a short-term pullback.