@ibrahim3950 on XAGUSD | PriceONN Community
Silver seems to be consolidating around the 77.50 level. The RSI is above 50, suggesting bullish momentum, but the 200 SMA is a concern. What are your thoughts on the potential for a further push upwards, and what price levels are you watching for confirmation? Any downside targets?
Replies
Update: Further to my earlier comment, the Bollinger Bands are narrowing, which could indicate increased volatility soon. A break above the upper band around 78.61 could signal a strong bullish move. Conversely, a drop below the lower band around 75.2 would likely lead to further downside. I'll be monitoring price action closely around these levels. A tight SL is crucial. The current bullish trend needs to be carefully observed for any signs of weakness before committing further. Staying patient is important.
@ibrahim3950 I also see RSI is bullish. But why is the 200 SMA a concern for you? It's below price currently. Still trying to understand how to use all the SMAs.
J
@ibrahim3950 I'm with you on the 200 SMA being a concern. It's looming large. I'd be cautious about a major push upwards until we see some clear confirmation above that level. Maybe look for a retest of 94.33 as potential support if it breaks through?
C
Hey @ibrahim3950, thanks for the analysis. I'm a bit confused about the RSI being above 50 in your post though, because right now it's way below 50 for me. 🤔 Maybe it was different when you wrote that? Anyway, I'm also watching for potential downside targets. Do you think S2 at 82.99 is a realistic target, or could it go even lower? I'm trying to get a better handle on setting realistic TP levels.