@pieter9047 on XAGUSD | PriceONN Community
Saw a hammer candle on the 1hr chart just now around 69.20. That usually means a reversal or at least a pause, right? If this thing can hold above the 50 SMA on the daily, I might consider a small long. But I'm still a bit wary after that last dip. Don't want to get caught buying the top again.
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Actually, looking closer at that hammer, it formed right near the S1 pivot at 69.28. That's a decent confluence. The price action does look a bit more solid now, but I'm still hesitant to go fully in. Maybe a small scalp if it pushes past 70. I just don't want to be a bag holder if it turns out to be a dead cat bounce after all. The news about the Aussie dollar slipping is a bit concerning too, makes me think the whole market is a bit shaky right now.
@pieter9047 that hammer candle is interesting, especially with it hitting S1. I saw that article saying silver could hit 80 despite the geopolitical noise, but honestly, looking at this chart now, it just feels like it's gonna keep sliding down. That 200 SMA is way up there at 73.4, and we're way below the 50 SMA too. It's hard to be bullish when it's such a bloodbath, even with that small bounce you saw. Maybe it's just a dead cat bounce before another leg down? I'm really nervous about it. The news about gold slumping makes me think silver will follow, even if it's not directly linked. Hard to see any strength here.