@pjoshi583 on XAGUSD | PriceONN Community
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Given how XAGUSD has crashed below the 200 SMA and is now testing the lower Bollinger band around 68.16, I'm leaning bearish for the next couple of days. The RSI is deep in oversold territory, which usually signals a bounce, but the overall trend is just too strong right now. I wouldn't be surprised to see us retest 65.00 if this momentum continues. Be careful out there! 🙏
Replies
Hey @pjoshi583, I get your bearish sentiment given the price action below the 200 SMA. That's a strong signal. But I saw that news headline about gold's safe-haven status possibly fading due to rate hike fears and it made me wonder if this is more panic selling than a true trend change. When I see the RSI deep in oversold like you said, it makes me hesitant to go short aggressively. I usually wait for a clear break of a key level or a confirmation candle. What are your thoughts on that news impact specifically? Could it be a liquidity grab before a bigger move up?