@ajones816 on XAGUSD | PriceONN Community

And that Iran news isn't helping things, is it? Gold usually gets a bump during geopolitical uncertainty, but silver's acting like it doesn't care lol. Maybe it's more tied to industrial demand than safe-haven flows right now?

Anyway, I'm watching for a bounce around 83.00, maybe a small long position if I see some confirmation. SL around 82.50 just in case. Gotta be careful with these markets. Also looking at bollinger bands, seems like it bounced off lower band.

@ajones816 Angela, I understand your point about the 2020 comparison and the potential for a retracement before a rally. It's certainly a scenario to consider. However, I'm approaching this with a degree of skepticism given the current market dynamics. While the RSI might appear oversold on the daily, the immediate price action around the 80.80 to 80.99 resistance zone (R2 pivot) seems to be holding. We're also seeing the 20-period SMA sitting just above current price at 80.85, acting as a minor resistance. I'm waiting to see if we can break decisively above that, or if we'll see a rejection and a move back towards the 80.34 pivot point. The news you mentioned regarding the Fed's policy ahead also adds to the uncertainty; it's difficult to call a strong bullish reversal without clearer signals or a confirmed break of key resistance levels. It feels more like a consolidation phase before the next significant move, rather than a direct repeat of 2020.