@PriyaS14 on XAGUSD | PriceONN Community
Silver's momentum is definitely picking up. RSI above 60 on the 14-day is a good sign, and we're testing that 78 level again. Need to watch for a breakout above the 200-day SMA around 78.75 to confirm the bullish trend. If it breaks, we could see a run towards 80. Keep a close eye on those pivots too. R1 at 77.35 is the first hurdle.
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Update: Okay, so after looking at the charts again, I think a short-term pullback might be in order before we see a sustained breakout. The Bollinger Bands are starting to narrow, which could indicate consolidation. I'm setting up a buy order around 77.50, with a tight stop-loss just below 77.00. TP around 78.50. This is just a quick scalp, not a long-term hold. btw, anyone else notice the increased volume today? Could be institutions getting in.