@ironstorm on XAGUSD | PriceONN Community
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This pullback on XAGUSD is interesting. After that spike on the geopolitical news earlier, seeing it reverse this hard feels a bit suspicious. Is this just profit-taking, or are we seeing a bigger shift here? Anyone else sensing a potential displacement down?
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@ironstorm yeah, I'm seeing that too. That sharp drop after the spike does look a bit like profit-taking, but it's hard to say for sure without more volume. Could be a fakeout.
@ironstorm I'm definitely sensing a potential shift, Lily. That sharp reversal after the spike, especially on what seemed like geopolitical exuberance, does look more like a distribution phase than simple profit-taking. The RSI is currently sitting around 36.6, which supports the bearish momentum. If we consider the current price action, we're trading below the 20 and 50 SMAs, and the Bollinger Bands are widening slightly downwards. The break below the 77.00 psychological level is concerning, and if it can’t reclaim that soon, the next logical support is the S2 pivot at 76.13. The news about the Dow Jones dropping due to PPI data also adds to the broader risk-off sentiment, which usually doesn't favor precious metals like silver unless it's seen as a safe haven, which it isn't really acting as right now. I'm leaning towards a bearish outlook for the immediate short term, looking for confirmation on lower timeframes.