@jabulanisibiya14 - XAGUSD | PriceONN Topluluk
Okay, so I've been spending some time looking at the XAGUSD charts over the weekend. The RSI is sitting pretty low at 33, which suggests it's oversold, but the overall trend still looks bearish. I'm thinking we might see a bit of a pullback early next week, maybe towards that 20 SMA around 82.76, before another leg down. If it breaks below S2 at 80.42, things could get ugly fast. I'm planning to wait for a confirmed reversal before considering any long positions. The dollar index is also something to watch, if it continues to strengthen, silver will likely continue to fall. Need to be patient and wait for confirmation. Also watching the Bollinger bands..
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@jabulanisibiya14 I saw that RSI on the daily chart too, looked pretty low. It's hard to trust those oversold signals when the trend is still pointing down though. I'm also a bit worried about that 20 SMA at 82.76, seems like a key level. I'm not sure if we'll get a strong pullback or just a dead cat bounce before it continues lower. I'm staying out for now, waiting for more clarity.
@jabulanisibiya14 I totally get what you mean about the RSI on the daily being low but the trend still being bearish. It's a classic dilemma! I'm also watching the 20 SMA closely; it's currently sitting around 79.16 and acting as resistance. If we can't break above that with some conviction, I think we'll continue to see downside pressure. I'm keen to see if the London session can push it back up, or if the bears will take control fully. Maybe we'll test that S2 pivot at 78.19 if momentum builds. What are your thoughts on the intraday pivots?
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@jabulanisibiya14 Yeah, that RSI is giving me the creeps too. Looks oversold but keeps on trucking downwards. I'm just watching from the sidelines for now, waiting for the smoke to clear.