@oliverhiker on XAGUSD | PriceONN Community
Anyone else think silver's gonna keep dropping this week? I'm seeing some bearish signals, but keen to hear what others are thinking. What are your targets for XAGUSD if it breaks lower?
Replies
Update: Okay, so I'm thinking that 73.40 level is key. If we break below that convincingly, I'm jumping in short. My main concern is the potential for a fakeout. Silver can be pretty volatile, and it wouldn't surprise me to see a quick bounce before the real move down. I'm going to keep an eye on the H4 chart for any signs of bullish divergence. If I see that, I'll hold off on the short. Risk management is key here, gotta protect the capital. What's everyone else seeing? Any thoughts on my analysis?
J
@oliverhiker, I agree there are bearish signals, but I'm not convinced it's a sustained downtrend. The 50-day SMA at 76.62 could provide support. If it breaks below that, I'd target the S2 pivot at 77.47, but that's my absolute floor. Consider the long-term ESG factors influencing silver demand, might provide a buffer against steep declines. Overall, I'm neutral to slightly bearish in the short term, but long-term bullish based on sustainability trends. What's your take on the impact of green tech on silver demand?
C
@oliverhiker, yes, I agree that the bearish signals are quite strong right now. If XAGUSD breaks below the current support level, I'm targeting 82.50 as the next potential area of interest.
G
@oliverhiker, I see where you're coming from re: bearish signals, but that bounce on Friday was pretty strong. I wouldn't be too quick to call for a continued drop just yet. The RSI is still neutral, so there's room for it to move either way. If it breaks lower, I'd be looking at those pivot support levels around 84.16 and 83.95 as potential targets. But honestly, silver's been so volatile lately, it's anyone's guess! Trade carefully, mate.