@mWalker85 on XAGUSD | PriceONN Community
Silver's been a bit of a rollercoaster lately 🎢. Looking at the weekly chart, it closed near S2 support at 80.42... that's a pretty significant level. If it breaks, we could see a further drop next week. But if it holds, might be a good buying opportunity for a bounce back to the pivot point. Just gotta wait and see what Monday brings 🤔
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Oh and something else I noticed, the 200 SMA is still way up at 84.71... that's gonna act as major resistance if we get any upward movement. I'm thinking of setting some alerts around that area. Also, RSI is still oversold, so a correction could be coming soon 🤷♀️. Maybe a scalp long if the support holds... risky though!
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Hey @mWalker85, I agree with your assessment. That S2 level at 80.42 was definitely a key watchpoint. Seeing it break so decisively is concerning, especially with the RSI now deep in oversold territory around 27. The news about the Fed decision and the PPI data could be contributing to this broad market risk-off sentiment. I'm also keeping an eye on that 200 SMA, it's a long way up from here.