@sarah1599 on XAGUSD | PriceONN Community
Silver's been getting hammered lately. RSI is still bearish, but not quite oversold yet, so there's room for more downside. I'm watching the 200-day SMA around 81.74 as a potential support level, but honestly, the momentum is pretty strong right now.
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Update: Looking at XAGUSD a bit closer, the break below the lower Bollinger Band could definitely signal further declines, as @ojones588 mentioned. The question is whether this is a temporary dip or the start of a larger correction. I'm thinking it might be wise to wait for a clearer signal before jumping in, perhaps a retest of the broken support as resistance. My bias is still bearish, but I'm not ready to short just yet. Need to see how it reacts around the 86 level. Also, keep an eye on the dollar index; strength there could exacerbate the downward pressure on silver.