@priya1987 on XAGUSD | PriceONN Community

Okay, so I was checking the charts again and yeah, it's still looking pretty grim on the hourly, but I'm sticking with that reversal idea. The fact that it's down so much, and the RSI is still holding above 30 means there's room to run up. Plus, that Fed rate hike fear is probably overblown anyway, right? We'll see what happens overnight, gotta get some sleep now though!

Yo @priya1987, I saw that insane drop too! Over 6% is just brutal. 💥 Personally, I'm not so sure about a reversal yet. That 200 SMA was looking pretty solid support, and now it's broken. I'd be way more comfortable seeing a clear bounce off that S2 pivot or even lower before even thinking about going long. But hey, if you catch that bottom, more power to ya! 🚀

Hey @priya1987, I understand the optimism about the RSI being low, it definitely signals oversold conditions. However, breaking below key support like the 200 SMA on the daily chart is a pretty strong bearish signal in my book. Historically, when XAGUSD has fallen this hard, especially on a Friday, you often see follow-through selling at the open unless there's some major news over the weekend. That S2 pivot you mentioned is a good point to watch, but I'd be cautious about calling a reversal just yet. We need to see price action confirm it, perhaps holding above that 67.33 S1 pivot first. Personally, I'm looking for signs of stabilization and a higher low on the hourly charts before considering any long positions. The current trend is undeniably bearish, and it's often dangerous to fight that momentum without clear confirmation.