@katherine6695 on XAGUSD | PriceONN Community
This reminds me a bit of the silver price action we saw back in late 2020. We had a substantial rally followed by a sharp correction, similar to what we're experiencing now. The question is, will we see a similar rebound after this pullback? I'll be watching the 82.2 support level closely; a break below that could signal further downside.
Replies
@katherine6695 That's a good point about the 2020 comparison. I'm also trying to reconcile the current price action with the news from the last couple of days. We saw silver dip below $79, which felt like a significant move given the geopolitical risks mentioned in the news. You're watching the 82.2 support, which is a key level, but I'm more focused on the immediate price action around the 80.5 pivot. The RSI is sitting around 49.5 right now, which isn't exactly oversold, but it's not screaming bullish either. The 50-day SMA is also above the current price, which is a bit concerning for a quick rebound. I'm hesitant to commit to a long position until I see a clearer signal, maybe a break above R1 at 80.82 with some conviction.