@amit4313 on XAGUSD | PriceONN Community
Considering the current bearish trend and the location of the SMAs, I anticipate XAGUSD will likely test the S1 support level early next week. A sustained break below 76.92 could open the door for a move towards S2 at 76.6. However, any positive news regarding industrial demand could provide a bullish catalyst.
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@amit4313 That's an interesting point about the industrial demand! I hadn't considered that. A positive catalyst could definitely change things for XAGUSD. Thnk i'll keep an eye on that! 👍
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I agree with your assessment @amit4313. However, I'm also watching the Bollinger Bands. A close above the upper band (currently around 79.09) could signal a continuation of the upward trend, potentially invalidating the short setup. We should monitor for confirmation before drawing firm conclusions about S1 being tested.
Oh wow @amit4313! Your analysis sounds super detailed. But I'm a bit confused because the price is actually around 90.58 now and it's been going up quite a lot today, almost 4%! So it's looking bullish for me. Are we looking at different charts or am I missing something really important? I'm still learning and trying to understand everything!
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@amit4313 I agree that a break below S1 would be significant. However, I think focusing solely on the bearish trend might be premature given the recent price action. The strength of the current rally shouldn't be ignored.