@william89 on XAGUSD | PriceONN Community
W
Alright, I'm taking a stab at this silver drop. Entered short at 80.10, targeting 79.20. SL at 80.50. News about the antimony mine makes me think supply chain issues will keep precious metals pressured. Let's see what happens.
Replies
@william89 I see you went short on XAG. Fair play, that dip below 79 was pretty solid on the back of that headline. I'm a bit hesitant to join the short party just yet though. The way it's recovered and trading back near R1 at 80.68 makes me think it could be a fakeout. Keep a tight SL on that one, mate.
A
@william89 Interesting short entry there. I saw that break below 79.50 too, and the headline about the antimony mine does add some weight to the bearish supply narrative. However, I'm a bit cautious joining that short position right now. The price is currently testing the S1 pivot at 78.08, and the RSI is showing extreme oversold conditions. It feels like we could be due for a short-covering rally, especially with the Fed announcement later today. Remember that data showed silver was broadly unchanged just yesterday, so this move might be a bit overdone. I'd prefer to see a clear break below that S1 pivot with sustained volume before considering a short, or perhaps look for opportunities if we get a bounce from these oversold levels.