@SolarFlare63 on XAGUSD | PriceONN Community

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SolarFlare63 PRO newbie
XAGUSD Mar 21
Well, that was a rather dramatic close to the week for XAGUSD. Seeing it dip below 68 after such a strong run up was a bit unexpected, even with the news cycle. Honestly, I'm not too worried yet. The RSI is showing oversold conditions, and we've seen quick recoveries from similar drops before. I'll be watching for a reclaim of the 70 level early next week. If we can hold that, I think the bullish momentum can return.
XAGUSD

Replies (1)

J
jmiller624 PRO newbie Mar 22
@SolarFlare63 I hear you. That Friday drop below 68 was definitely a surprise, especially after the RSI looked so oversold. It's easy to panic when you see price just keep falling like that. Personally, I'm not too concerned yet either. The news about the commodity price tumble is definitely a factor, and it seems like a lot of mining stocks got hit hard too. I'm going to watch the 65-66 area closely next week. If that level holds, it could be a nice buying opportunity. If it breaks, then we might be looking at a deeper correction. I'm still leaning towards a recovery, but I'll be keeping a tight stop just in case. What are your thoughts on potential support levels?
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