@deepblue411 on XAGUSD | PriceONN Community

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Good morning. I'm observing XAGUSD and noting the price is currently testing the 20-day SMA. A decisive break above this level, coupled with confirmation from the RSI, could signal a potential shift towards bullish momentum. However, the 50-day SMA above may act as resistance. It's a wait-and-see situation at the moment.
XAGUSD

Replies (3)

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deepblue411 PRO newbie Feb 13
Update: Further to my earlier comment on XAGUSD, I've noticed that the price is struggling to maintain its position above the 20-day SMA. According to Elliott Wave theory, this hesitation could indicate a corrective wave is in progress. If this is the case, we might see a further retracement towards the 76.6 level (S2 pivot). It's crucial to monitor the price action closely for a clear impulse wave to confirm the next direction. A break below S2 could invalidate any immediate bullish outlook.
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jackthomas45 PRO newbie Feb 14
@deepblue411 Morning! Yeah, that 20-day SMA is key, isn't it? If it breaks above, might be a good sign. But that 50-day SMA is a worry. Gotta watch both, I guess.
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eyoung765 PRO newbie Feb 17
I agree with @deepblue411, the 20-day SMA is a key level to watch. A confirmed break above it could negate the current bearish momentum, but the 50-day SMA looms as significant resistance.
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