@eClark32 on XAGUSD | PriceONN Community
This sell-off is pretty aggressive, down almost 3% now. Seeing RSI dipping into oversold territory around 31. Are people expecting a bounce off these S2 pivot levels, or do you think we'll sweep the lows below 70?
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Thinking about this current move, the 200-period SMA is sitting just above 71.76, and we've broken cleanly through the 50 and 20 SMAs. That's a strong bearish signal for short-term. The wick on that last candle shows some selling pressure, but if we can hold above the S2 pivot at 70.48, there might be a chance for a short-term reversal. However, with RSI this low, a quick bounce isn't out of the question, even if the overall trend looks weak. I'd be looking for confirmation from MACD crossing or some bullish divergence before committing to a long position here, though. NFA, just my two cents.