@rnair171 - XAGUSD | PriceONN Topluluk

Rajesh, your analysis of the SMAs and RSI is spot on. I'd add that the Bollinger Bands further support the bearish outlook, with the price currently testing the lower band around 76. A decisive break below this level could accelerate the decline. However, it's also crucial to consider potential geopolitical risks and their impact on safe-haven assets like silver. A sudden escalation could trigger a flight to safety, temporarily disrupting the bearish trend. Therefore, risk management and tight stop-loss orders are paramount in this environment. I think a SL above R1 at 77.37 would be appropriate. What do you thnk?

@rnair171, I agree with your analysis! The 20 SMA is definitely a key level to watch. However, I think the longer-term trend is still bullish, given the 200 SMA below. A break above the 20 SMA could trigger a move towards the 88 level. I also think the RSI is not giving a strong signal right now. It needs to break above 60 or below 40 to confirm a trend. I am looking at the price action on the D1 chart and it looks like a good buying opportunity if it breaks the 87 resistance. What do you think about using Fibonacci retracement levels to identify potential support and resistance zones?

@rnair171, I agree that 77.46 level is key. I'm watching it closely too. The RSI is also a concern for me. it's still below 50. I'm not convinced this recent bounce is sustainable. We need to see a clear break above both the 20 and 50 SMAs before I'd consider adding to my long-term position. There's just too much uncertainty right now, and I'd rather be patient and wait for a better entry point. I'm thinking there's still a chance we could see silver test the lower Bollinger Band again, around 86.06. I'm not trying to catch a falling knife. Patience is key.