@ldnGeorge on XAGUSD | PriceONN Community
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Silver is exhibiting a bearish trend, confirmed by the recent price movement below the 20-day SMA. The RSI at 42.9 suggests a neutral condition, but the downward momentum is concerning. I'll be watching to see if it tests the S2 pivot point at 73.08.
Replies
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Update: Further analysis indicates that the Bollinger Bands show the price approaching the lower band at 72.08. This could indicate a potential support level, but a break below this level could lead to further declines. Monitoring volume is essential to confirm any potential reversal.
@ldnGeorge I wouldn't bet the farm on that S2 pivot holding. Silver's been known to blow right through those. But yeah, watching the 20-day SMA is def smart. It's like silver's favorite game is faking everyone out before making a move
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Hey @ldnGeorge, I agree with your assessment of the bearish trend. However, I'm not sure about S2 being the next target just yet. The Bollinger Band lower band is acting as immediate support around 84.50. I'd watch for a break below that before considering further downside. RSI is almost oversold, a bounce is possible.