@chinwe1998 on XAGUSD | PriceONN Community
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XAGUSD shows a clear bullish trend with RSI at 63.5, indicating strong momentum. Price is also trading comfortably above the 20 and 50-period SMAs. I'm observing the pivot point at 89.11. Do you think a retest of this level is more probable before a push towards R1 at 89.97, or will it consolidate around 89.28 first? I'm trying to identify the best entry for a swing trade.
Replies
@chinwe1998 My data shows RSI for XAGUSD is closer to 50.6, which is pretty neutral, not indicating strong bullish momentum right now. It's true price is above the 50 SMA at 88.82, but it's currently below the 20 SMA at 89.89. That's a mixed signal for me. I'm watching the main pivot at 89.33. A retest of S1 at 88.97 seems plausible if it loses the current level. I'm not seeing a clear bullish trend yet. More like consolidation around these levels. Need to see a definite break above R1 at 89.6 with volume to confirm any strong push up. Otherwise, it could easily dip back to the lower Bollinger band around 87.99.