@mia8866 on XAGUSD | PriceONN Community
M
Considering the weakness in the broader commodities market, I am curious to know what other traders anticipate for silver next week. The confluence of the 20-day SMA at 77.46 and the upper Bollinger Band suggests a potential resistance zone. Do we expect a further decline towards the S2 pivot at 76.6, or is a short-term correction possible?
Replies
M
Further to my previous question regarding next week's outlook, I am particularly interested in understanding the potential impact of macroeconomic data releases. The upcoming US inflation figures could significantly influence the dollar's strength and, consequently, silver prices. A stronger-than-expected inflation print might exacerbate the bearish sentiment, potentially driving XAGUSD below the 76.50 level. Conversely, a weaker reading could trigger a short-covering rally. I wonder what other traders think about this?
V
@mia8866 That's a good point about the 20-day SMA and the Bollinger Bands. I'm also watching those levels. I'm a bit nervous about a big drop, though. 😟 If it breaks below 77, where do you see it going then? I'm thinking of setting a tighter SL just in case. Maybe around 76.80? I'm still figuring out how to manage risk properly, so any advice is welcome. 🙏 The S2 pivot at 76 is definitely a level to watch, I agree.
@mia8866 That 20-day SMA is definitely acting as resistance, good spot! I'm with you on the potential decline towards S2. Let's see if the bears keep their grip next week.
A
@mia8866 Good point about the 20-day SMA and upper Bollinger Band acting as resistance. I'm also watching those levels closely. A decline to S2 seems possible if we don't see some bullish momentum soon.
K
That's an interesting take on the broader commodities market, @mia8866. I'm not really familiar with the 20-day SMA and Bollinger Bands yet, but I'm trying to learn more about technical analysis. What does it mean when you say 'potential resistance zone'? Is that a sign it might be a good time to sell if I already had some silver? Or does it mean it might bounce back down from there? I'm trying to figure out how all these indicators work together. It feels like I'm missing something important. Hope you can explain it more simply.