@melissayoung on XAGUSD | PriceONN Community

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M
melissayoung PRO newbie
XAGUSD Feb 26
The current XAGUSD pullback is quite significant, with price testing the lower Bollinger Band around 87.06. The RSI is firmly in bearish territory at 37.9, indicating strong selling pressure. I'm watching closely to see if we can find support near S1 at 86.29 or even S2 at 85.13 before a potential reversal. What are everyone's thoughts on this level?
XAGUSD

Replies (1)

M
melissayoung PRO newbie Feb 26
Update on my previous thought: It's interesting to see how the price is reacting just above the 87.00 mark, which aligns with the lower Bollinger Band. If this support holds, we might see a short-term bounce towards the Pivot Point at 87.40, and potentially even retest the 20-SMA at 89.39. However, if the bearish momentum continues and we break below S1, the next major support would be S2 at 85.13, which is a significant level. The overall trend is neutral, but the short-term indicators are definitely leaning bearish. I'm personally looking for a clear candle close above the 87.40 pivot before considering any long positions for a scalp, or a break below 86.29 for a short.
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