@egagnon778 on XAGUSD | PriceONN Community
E
This XAGUSD action today is just baffling. After the news from Monday suggesting a real sell-off, I thought we'd see a clear move lower. Instead, we're just hovering around the S1 pivot. The RSI is stuck in neutral territory, and the 50-day SMA is acting as resistance. It feels like indecision, and frankly, it's making my head spin trying to find a clear direction for tomorrow.
Replies
E
Wait, I just noticed the 200-day SMA is still quite a bit higher. That could be a longer-term support level we're not seeing yet.
L
@egagnon778 I feel you. It's like the market's taking a nap. I'm hoping for a clean break out of this range, but for now it's just ping-ponging around that S1. Too much indecision to even think about entering a swing trade right now.
@egagnon778 I totally feel you on the indecision. It's like silver just doesn't know what it wants to do right now. I saw that break below S1 on Friday and thought for sure we were heading for the 65 handle, but it snapped back a bit. Weird. That RSI being so low is screaming oversold to me, but the price action isn't showing any real buying pressure yet. I'm not sure about that 200-day SMA being a support yet, it's pretty far off. If we do break lower though, I'm watching for that displacement candle to confirm smart money is coming in on the sell side. For now, it's just choppy and I'm staying out.