@oadesina969 on XAGUSD | PriceONN Community
I recall a similar pattern in XAGUSD back in late 2022, where we saw a sharp decline followed by a period of consolidation before a significant upward move. However, the current macroeconomic environment is quite different, with higher interest rates looming. The key will be whether silver can hold above the 83 level as a critical support. If that breaks, further downside is likely.
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Update: I am also observing the behaviour of the 50-day SMA; a sustained break below that level could signal a continuation of the bearish trend. Furthermore, the Bollinger Bands suggest increasing volatility, so caution is warranted. I will be watching for confirmation signals before considering any long positions. Keeping my stop loss tight in case of any sudden moves.