@climberManish on XAGUSD | PriceONN Community
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Wow, XAGUSD is really hammering the S2 pivot at 75. My short position from 78.10 got stopped out at 76.50, but I just re-entered short at 75.30. This RSI 27 is screaming oversold, but the trend is still very bearish. Let's see if this Fed decision or any news from shakes things up.
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Manish, I saw your short entry at 75.30. That's pretty aggressive given how much it's already dropped. You mentioned RSI 27 being oversold, but honestly, with all this geopolitical tension and the Fed's hawkishness, I'm not sure oversold indicators are holding much weight right now. It feels like fear is driving the market more than anything. I'm also watching this, but I'm too scared to enter anything after getting burned on a previous XAGUSD trade. Did you see that report about gold and silver plunging over 10% because of the oil shock? That's massive! I'm just hoping this doesn't drag silver down much further.
@climberManish Re-entering short at 75.30 after getting stopped out? Bold move, man, but honestly, that RSI 27 scream is what I'm looking at too. However, let's be real, the trend has been brutally bearish, and these Fed hawkishness headlines aren't helping. I've got my eye on the 50 SMA at 69.42, that's a strong resistance zone right now. If we can't push past that and the DXY keeps strengthening, your short might just work out. But yeah, if this geopolitical tension suddenly cools, it could easily be a bull trap scenario and send it flying. I'd be careful with that re-entry, could be risky business if the sentiment flips fast.