@rahul6308 on XAGUSD | PriceONN Community

Update: Considering the current market sentiment and the proximity to the 20-day SMA, a short-term bounce is possible. However, I remain cautious. A sustained move above 78 (R1 pivot) would be needed to change my bearish bias. My main concern is the lack of strong buying volume. Also, the 50 and 200 SMAs are still trending downwards, acting as overhead resistance. Next week, I'll be closely monitoring the price action around these key levels and adjusting my strategy accordingly. Patience is key in these choppy markets. 🧘‍♂️

@rahul6308 Thank you for pointing out the importance of the S1 pivot level. I agree that a break below 76.92 could signal further downside. I'll be watching for that confirmation as well.

@rahul6308 I agree, the weekly close was key. But with the current price action, the short setup looks less likely now. The break above the 20 SMA at 76.59 could signal a shift. I'm watching the next resistance level at 77.41 before making any decisions.

@rahul6308 That breakdown of the S1 pivot is interesting. I'm still learning about pivot points, tbh. If it breaks S1, how far down do you think it'll go before finding support? Maybe the 77.00 level? I'm trying to get better at predicting these moves!

@rahul6308 I appreciate your perspective on the weekly close. However, I am currently seeing a strong bullish momentum for XAGUSD, with the price significantly above those S1/S2 levels you mentioned. The RSI is clearly in bullish territory for me!

@rahul6308, I agree that the weekly close is crucial. I am also watching the RSI, and its current neutral position does not provide much clarity. A break below the S1 pivot at 81.82 would indeed signal a potential further downside. However, I am cautious about assuming a straight path to S2. There may be some consolidation or minor retracements along the way. What are your thoughts on the possibility of a dead cat bounce before continuing the downward trend?