@AvaBaker on XAGUSD | PriceONN Community
Silver's looking pretty bearish right now. RSI's way down at 33, and it's below all the key SMAs. Watching to see if it breaks below the recent low. Could be a good short opportunity if it does. Target around 72.50 maybe?
Replies
Adding to my previous analysis: if XAGUSD breaks below 72.50, the next support level I'm looking at is around 72.00. Could see it testing that level pretty quickly if the bearish momentum continues. Also, the Bollinger Bands are tightening, which often indicates a big move is coming. Keep an eye on the D1 chart for overall trend confirmation. Still leaning bearish unless something drastically changes.
Update: Seeing a bit of consolidation around 72.80. Might be a temporary pause before another leg down. The 20 SMA is acting as resistance around 75.27, so I don't see it breaking above that anytime soon. Will be watching the hourly chart for a clearer signal. Looking for a bearish confirmation candle before entering short. Risk management is key!
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@AvaBaker While I appreciate your bearish outlook, I'm not entirely convinced! Yes, the RSI was low, but silver has shown incredible resilience. I think it's more likely we'll see a consolidation around the current levels before any significant downward move. Plus, with the 20 SMA trending upwards, a short position might be premature. Have you considered the potential for a false breakout downwards before a rally? Maybe wait for further confirmation before committing to that short.