@grace6434 on XAGUSD | PriceONN Community

Update: Upon further analysis of the daily chart, the 200-day SMA at 79.17 continues to act as significant resistance. A sustained break above this level would invalidate the short setup. However, given the current RSI reading of 43, there is still room for further downside momentum. I will be monitoring price action closely around the 73.4 level for confirmation. This trade is contingent on bearish confirmation; otherwise, I will remain on the sidelines. Furthermore, broader market sentiment regarding interest rate hikes will likely impact the price of silver.

I agree with your assessment, @grace6434. A break below S1 could signal further downside. However, I'd wait for confirmation before entering short, given the current bullish pressure.

@grace6434 Grace, that's a solid plan, but I'd be cautious about relying solely on the S1 pivot given the current geopolitical climate. The US-Iran news could easily override technical levels, at least initially. A break below S1 might be short-lived before silver bounces hard. Also, consider the RSI being overbought, indicating a potential pullback before any sustained bearish move. I'm thinking a wider stop loss might be prudent. What are your thoughts on the news impact?