@lincoln3009 on XAGUSD | PriceONN Community
Watching XAGUSD here, seems like it's struggling to break above that 80.50 pivot point. The RSI is pretty flat around 49, not giving much direction. With the Fed decision looming, I reckon we might see a bit of consolidation or a slight dip to around 79.50 before any major move. This news about the price tumbling below 79 earlier today is definitely a concern for the bulls.
Replies
Hi @lincoln3009, yeah that 80.50 area is proving sticky. The RSI being flat around 49 is typical for this kind of pre-event chop. I also think a dip is more likely than a sharp rally before the Fed decision. We've seen some downside pressure despite the tensions, which is interesting. If we break below the 50 SMA around 80.77, that could signal a move towards your target of 79.50. I'd be looking for a clean break of the S1 pivot at 79.70 to confirm that bearish bias.
M
Hi @lincoln3009, I agree that 80.50 seems like a really tough resistance level for XAGUSD. It's hard to tell what's going to happen before the Fed makes their announcement. I'm also a bit worried about a potential gap down on Monday morning, especially after seeing how much it dropped on Friday. I'm still pretty new to this, so I'm mostly just watching and trying to learn from all the experienced traders here. Do you usually adjust your stop losses aggressively before big news events like this?