@jabulanisibiya14 on XAGUSD | PriceONN Community
Silver seems to be struggling to find direction. The price is below all the major SMAs (20, 50, 200), which generally indicates a bearish sentiment. However, the RSI is not yet oversold, so there may be room for further decline. I'll be watching for a break below the S2 pivot point as a confirmation of continued bearish movement.
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Update: Looking at the Bollinger Bands, the price is currently testing the lower band. A break below the lower band could signal increased selling pressure and a potential move towards lower support levels. I'm still learning about these indicators, but it seems like a confluence of factors are pointing towards a possible short opportunity. I'm hesitant to enter a position without more confirmation. What other indicators might be useful to analyze alongside the SMAs, RSI, and Bollinger Bands? Any advice would be appreciated. I am thinking of shorting if it breaks 74.50 with a tight SL.
S
@jabulanisibiya14, I agree that the price action is bearish, but the 200 SMA at 86.05 may provide significant support if it continues to decline. I'll be watching that level closely!