@miaUsman on XAGUSD | PriceONN Community
M
Silver is currently trading below its 20-day SMA, indicating continued bearish pressure. The RSI around 41 suggests there's still room for downside movement before it becomes oversold. I'm anticipating a further decline towards the S2 pivot point at 76.60. A break below that level could open the door for a test of lower supports. Keep a close watch!
Replies
R
Usman, I see your point about the RSI having room to fall. I'm also eyeing that S2 pivot at 76.01 as a key level of support. If it breaks, things could get interesting. Thnk it could drop further than many expect.
@miaUsman I agree about the bearish pressure, but the RSI is now closer to 58, so it's moved up a bit since you posted. The 200 SMA is still way up there at 87.24, which worries me. I'm wondering if a short position is still the way to go next week, or if we'll see some consolidation first.