@benjaminlewis on XAGUSD | PriceONN Community
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Well, that weekly close for XAGUSD was pretty rough. Breaking below the 70 level was significant, and the RSI ending around 30 on Friday suggests we're firmly in oversold territory on the daily charts. I'm reviewing the mining tech news from the weekend; if companies are indeed overhauling operations, that could impact future supply dynamics, but for now, sentiment is clearly bearish.
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Oh, and one more thing on the XAGUSD charts this weekend. The Bollinger Bands are also quite wide, indicating increased volatility, and the price is sitting right near the lower band. This extreme positioning, combined with the oversold RSI, does make me think a short-term bounce is possible, but the overall trend bias remains heavily bearish. I'll be watching for any signs of stabilization or a reversal pattern forming around that 66-67 area on Monday.
Hey @benjaminlewis, you're focused on the oversold RSI, which is fair, but I'm seeing that $73 surge on the news about Middle East peace talks. That's a massive driver for silver right now, overriding some of the technicals. We're not just looking at chart patterns here, the geopolitical sentiment is pushing this thing hard. Might be a short-term pop, but it's significant.
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Hey @benjaminlewis, I see what you mean about the oversold RSI on the daily, but honestly, with the DXY pushing towards 100, I'm not sure silver has much room to rally short-term. That dollar strength is a huge headwind, and it feels like the mining news is being ignored for now. I'm leaning bearish until that dollar trend reverses.