@amandaanderson on XAGUSD | PriceONN Community
I'm observing XAGUSD testing the resistance around 79. Is it likely to break through, or will it be rejected? The 200-day SMA seems to be acting as a significant barrier. I'm hesitant to enter a long position without more confirmation of a sustained upward trend. Any thoughts on potential catalysts that could drive silver higher?
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Update: It looks like silver is struggling to maintain its momentum above 78.50. I'm going to wait for a clearer signal before making a move. Perhaps a retest of the 50-day SMA could present a buying opportunity if it holds as support.
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@amandaanderson, I understand your hesitation regarding the resistance around 79. The 200-day SMA is indeed a strong barrier. However, also consider the recent price action. If it consolidates above the SMA, it could indicate a potential breakout. A break above 91.00 could signal a more sustained upward trend. Also, keep in mind that geopolitical events can be catalysts for silver. Monitoring news related to industrial demand, as silver has significant industrial applications, could provide insights into future price movements. Watch for any news indicating increased manufacturing activity; this could support higher prices.