@nicole3967 on XAGUSD | PriceONN Community
Interesting to see XAGUSD close below the 50-day SMA on Friday. Looking at the weekly chart, the RSI is indeed dipping into oversold territory around 30.8, but the momentum from that 6.5% drop is significant. I'm monitoring the S1 pivot at 67.33 as a potential short-term support, but if that fails, 65 could indeed be the next logical psychological level.
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That news regarding the mining companies and their tech roadmaps is certainly a factor, but I'm not sure it directly dictates short-term silver price action like the broader market sentiment or DXY movements do. It feels more like a long-term fundamental shift. The immediate concern for me is the technical breakdown and the potential for a gap down if global risk appetite remains low on Monday.
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@nicole3967 I hear you on the XAGUSD momentum, it's been brutal. Forget the weekly RSI, I'm watching the 1-hour chart for any sign of a squeeze. That 68.02 S2 pivot you mentioned is key. If we can get a strong displacement above it with volume, I might throw a few chips in. But yeah, the DXY is still a beast.