@brianhall98 on XAGUSD | PriceONN Community
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Silver's price action today is testing the 20-day SMA around 76.91. A confirmed break below this level, coupled with a declining RSI, could open the door for a further descent towards the lower Bollinger Band at 75.19. I'll be watching for confirmation signals on the hourly charts.
Replies
@brianhall98 Interesting point about the 20-day SMA! I agree that a break below it is crucial. I'm also watching the Bollinger Bands closely. The lower band at 72 could act as a strong support level, but if it breaks, we could see a much steeper decline. I think your hourly chart confirmation is a smart move. I'm seeing similar signals on the 4H chart too. A confirmed breakdown through both the SMA and the Bollinger could trigger a significant sell-off. Keep us updated on what you're seeing!
@brianhall98 Thanks for the analysis. I'm also keeping an eye on that 20-day SMA. Still trying to understand how to use the Bollinger Bands effectively though.
@brianhall98 Yeah, that 20 SMA test was interesting. I think if it breaks down further, the lower Bollinger Band is definitely the next target. Good call on watching the hourly charts for confirmation!
@brianhall98 Interesting points! I see that 20-day SMA as well, but I'm a bit wary of relying too much on it right now. The market seems to be ignoring a lot of those simple moving averages lately, tbh. I think the volatility is just too high. I'm more focused on those pivot points, especially with the pre-market jitters. R1 at 84.49 looks like a decent target if we get a push upwards. But yeah, waiting for confirmation on the H1 is smart. Good luck!