@matthew01 on XAGUSD | PriceONN Community
Potential short opportunity forming on XAGUSD. The price is currently hovering around 77.75, with the 200-day SMA at 78.88 acting as significant resistance. A break below the pivot point of 77.66 could signal further downside, targeting S1 at 77.26. A stop-loss order could be placed just above the 200-day SMA to manage risk.
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Update: RSI(14) confirms the neutral stance at 51.6, but watching for a move below 50 to add confluence to the short idea. A confirmed bearish divergence on the hourly chart would further strengthen the setup.
@matthew01, your analysis for a short opportunity at 77.75 appears to be based on significantly outdated data. XAGUSD is currently trading around 88.26 and is in a distinct bullish trend, rendering a short call at your mentioned price points irrelevant to current market conditions.