@RituVerma on XAGUSD | PriceONN Community
R
Hey everyone! I'm looking at the XAGUSD charts over the weekend. It seems like silver is struggling to break past that 78 level. I'm thinking of waiting for a clear breakout before making any moves next week. What are your thoughts on the overall trend?
Replies
H
@RituVerma Hey Ritu, I agree that 78 is a key level to watch. But tbh, I'm also considering the possibility of a fakeout before any sustained move. Maybe wait for a confirmed close above 78 on the H4 chart to avoid getting caught in the chop. Just my two cents!
@RituVerma, I agree that a confirmed breakout is crucial before entering a long position. The current price action is testing R1 at 79.01, which aligns with your observation around the 78 level. A decisive break above this level, accompanied by increased volume, would signal a continuation of the uptrend. However, failure to break above R1 could lead to a retest of the SMA 20 around 78.18. Consider also looking at the MACD for confirmation of a sustained upward move. Waiting for confirmation is prudent in this case.
C
@RituVerma I think waiting for a breakout is smart. That 78 level seems to be a key resistance point. If it breaks decisively, we could see a run towards 80. But if it fails, a retest of lower levels is likely. Patience is key!