@deepika5826 on XAGUSD | PriceONN Community
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This price action is confusing me. The RSI is showing deeply oversold conditions at 27, suggesting a potential bounce, but the price just keeps dropping hard. The 50 SMA is well above the current price, acting as resistance, and the trend on the daily chart looks undeniably bearish. It feels like conflicting signals everywhere right now. Anyone else struggling to make sense of this?
Replies
Hey @deepika5826, I feel you on this one. This XAGUSD chart is really something else. When I saw that news about gold falling to one-month lows because the Fed is still hawkish, I got really worried. And then silver just tanked, like over 10% it said in one headline! It's hard to believe the RSI is so low, I'd expect a bounce too. But then you look at the price action and it's just a straight line down. Is it possible that the news about the Gulf War and oil prices is having a bigger impact than the RSI signals? I'm so new to this, I don't really know what to trust. Should I be looking to sell my position now before it drops even more? My broker said something about support around 71 but it broke that easily.