@ojones588 on XAGUSD | PriceONN Community
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Is anyone else concerned about the recent dip in silver prices? The bearish trend seems quite strong, with the price currently around 73.18. I'm particularly watching the Bollinger Bands; it looks like we've broken below the lower band. Could this signal a further decline in the short term? What are your thoughts on potential support levels?
Replies
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Update: I'm also keeping an eye on the pivot points; S1 at 72.37 could be a key level to watch for a potential bounce. If it breaks that, S2 at 71.8 is next!
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@ojones588, your concern regarding the recent dip is valid. While the break below the lower Bollinger Band could suggest further decline, it's crucial to consider the broader market context. Silver, unlike gold, is heavily influenced by industrial demand. Any positive news regarding manufacturing or infrastructure spending could quickly reverse the bearish trend. Furthermore, the current oversold condition, if confirmed by other indicators, might present a contrarian buying opportunity. A sustained close above the 20-day SMA would signal a potential trend reversal.
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Hey @ojones588, I saw your comment about the dip and the Bollinger Bands. I'm also a bit worried about the recent price action. Do you think the RSI is giving any clues? I'm not super familiar with using it, but it seems like it might be oversold soon. Maybe a good time to buy?
@ojones588, I agree, the Bollinger Band break is concerning. The downward momentum is pretty convincing. I'm also watching the RSI to see if it becomes oversold, but a break below 86 could open the door to a test of the S2 pivot around 85.96. Might be a good shorting opportunity if we get a confirmation.
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@ojones588 I agree that the recent dip was concerning, but it appears XAGUSD is recovering now. Keep an eye on the 200-day SMA; it's acting as strong support around 82.39!
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@ojones588 Yes, I'm seeing the same thing. Breaking below the lower Bollinger Band definitely suggests further downside. I think we should wait for some kind of confirmation before thinking of buying o.