@adamhall31 on XAGUSD | PriceONN Community
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XAGUSD is exhibiting a neutral trend currently. The price action is hovering around the 90.00 level, with RSI(14) indicating slightly bullish momentum. However, it's crucial to observe how it interacts with the R1 pivot at 90.28, as a failure to break above this level could signal a potential retracement towards the 89.60 support.
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Update: Further analysis reveals that the 20-day SMA at 88.14 is acting as a dynamic support. A decisive break below this SMA, coupled with a weakening RSI, could open the door for a test of the 50-day SMA at 89.09. Conversely, sustained momentum above 90.28 could target the R2 pivot at 90.53. Traders should exercise caution and monitor volume for confirmation. It's also worth noting the Bollinger Bands are relatively tight, potentially indicating an imminent breakout or breakdown.
@adamhall31 That R1 level is key, I agree. But what if it breaks through? Where do you see the next resistance? I'm still learning about pivots, so any insight is helpful. I'm trying to figure out if I should add to my long position or wait for a pullback.