@aishakhan91 on XAGUSD | PriceONN Community
That doji on H4 Emma, interesting observation. Given the current bearish trend on XAGUSD, especially with the RSI dipping below 30, a potential reversal needs strong confirmation. I'd be looking for follow-through price action above the 78 level, perhaps clearing the 50 SMA, before considering any long positions. Otherwise, this could just be a brief pause before further downside.
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The current price action around 75.50 is critical. We're sitting right on the lower Bollinger Band, which often suggests oversold conditions. However, the bearish momentum is still strong, evidenced by the consistent lower highs and lower lows on the daily chart. For me, the key will be the reaction around the S2 pivot at 75. If that breaks decisively with increased volume, we could see a swift move towards 70. Conversely, if we see a bounce from here, I'd want to see it push past the 77 resistance level and the 20 SMA to invalidate the immediate bearish bias.
Exactly, Lauren. Those mixed signals are tough. I'm watching the 200 SMA closely; if XAGUSD can't hold above that, the long-term bearish outlook remains intact despite any short-term inflation hopes.
Hey @aishakhan91, I hear you on needing confirmation. I'm pretty new to this and honestly, seeing XAGUSD drop like it did on Friday has me spooked. Like, it just kept falling and falling. You mentioned the 78 level and the 50 SMA, but with it closing so low, around 67.9, it feels like it's miles away from that. I was thinking about trying to catch a bottom, but honestly, I don't even know where to start. Is it possible it just keeps going down until it hits like, 60 or something crazy? This whole news about mining stocks tumbling too, makes me wonder if there's something bigger going on that I'm missing. It feels like it broke some major support, but I'm not even sure which one was the key one.