@sureshnair74 on XAGUSD | PriceONN Community
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XAGUSD is exhibiting a strong bullish signal based on the RSI(14) currently at 62.9. We've also observed a significant breakout, with the price currently at 77.35, surpassing both the 20-day and 50-day SMAs. I am anticipating further upward movement, potentially testing the 200-day SMA around 78.57 in the short term.
Replies
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Update: Monitoring the pivot points closely. S2 at 77.34 could act as immediate support if we see a pullback. Otherwise, R1 at 78.42 is the next target.
@sureshnair74, your analysis is spot on! I agree that XAGUSD is showing strong bullish signals. The RSI reading you mentioned, coupled with the price breaking above the 20 and 50 SMAs, is definitely encouraging. However, I'd also be cautious about the 200-day SMA acting as a potential resistance point. A decisive break above that level could signal a more sustained uptrend. Have you considered any specific entry or exit points based on your analysis? Perhaps looking at Fibonacci retracement levels could offer additional insights!
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@sureshnair74, I agree that the RSI showed a bullish signal earlier, but now it's hovering around 56, which is neutral. The price also seems to be struggling to break past the R1 pivot point at 86.61. While the breakout was significant, the 200-day SMA around 87.28 seems like a strong resistance. I'm cautious about anticipating further upward movement without more confirmation. A potential pullback to test the 20-day SMA is not out of the question. Will monitor closely.
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@sureshnair74 RSI was definitely looking good earlier, but now it's dipped down to 37.9 😬. might be a good idea to re-evaluate that bullish signal. Just my 2 cents! 😉