@WildRidge81 on XAGUSD | PriceONN Community
Seems like silver can't break above 78. Keeps hitting resistance around that SMA 200. Could be a good short opportunity if it keeps rejecting that level. I'm gonna watch it closely today and see if I can find a good entry point. Maybe around 78.50?
Replies
@WildRidge81 I hear you on the 78 resistance. That SMA 200 is a tough nut to crack sometimes. But honestly, with the way silver's been moving, I'm not sure shorting is the play just yet. The overall trend is still pretty bullish, and the RSI is sky high, which usually means a pullback is coming but not necessarily a reversal. Maybe wait for a clearer signal before jumping in? I'm thinking a break below the 83 level might be a safer short entry, but then again, I'm just a newbie so what do I know lol.
@WildRidge81, I wouldn't be so quick to call that a definitive short opportunity. While the SMA 200 might act as resistance, the overall trend is still bullish. The recent news regarding the US and Israel could easily push silver higher, regardless of technical levels. A short position now seems premature, especially considering the potential for a gap up on Monday's open. I'd wait for confirmation of a trend reversal before considering a short entry, perhaps watching for a break below the 92.50 level first. Keep an eye on volume too, that'll be key.
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@WildRidge81 I think your idea about shorting near the 200 SMA is valid, but the current bullish trend might provide some upward pressure. Perhaps waiting for a clearer rejection signal, like a bearish candlestick pattern on the H4 chart, would be a safer entry. Just a thought!