@james_a77 - XAGUSD | PriceONN Topluluk
Silver's got me scratching my head today 🤔. RSI is oversold, suggesting a bounce, but the overall trend looks bearish with price below the 20, 50, and 200 SMAs. Bollinger Bands also showing price hugging the lower band. Anyone else seeing mixed signals here? I'm holding off on any new positions until I get a clearer picture.
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And the news isn't helping either... Rising oil prices fuelling inflation fears could keep pressure on silver. I'm thinking maybe a short-term bounce followed by further downside if the dollar continues to strengthen. Need to see a break above that 20 SMA to consider a long position. Patience is key, I guess 🧘♂️
Hi @james_a77, I'm in a similar boat regarding XAGUSD today; the mixed signals are quite perplexing. The oversold RSI does suggest a potential short-term reprieve, but as you noted, the persistent bearish trend and price action below all major SMAs are strong counter-indicators. The news flow, particularly from the Fed and regarding PPI data, seems to be fueling stagflation fears and strengthening the dollar, which typically puts pressure on silver. I'm also inclined to wait for clearer direction before committing to any positions. Perhaps a break above the 20 SMA at 77.82 or a confirmed break below the S2 pivot at 74.43 would offer more clarity.