Watching XAGUSD closely. RSI is sitting at 33.6, definitely bearish territory. The 20-period SMA is way up at 72.36, price is miles below that. Looks like more downside potential here. S2 pivot at 70.76 is the next target.
Hey @haliyu524, I saw your post about XAGUSD. I agree that the bearish momentum is strong, especially with that RSI reading below 35. From a technical standpoint, the price is well below the 20 and 50 SMAs, which are both sloping downwards. The break below the S1 pivot point on Friday was also a key bearish signal. I'm looking at that S2 pivot around 66.59 as a potential area where we might see some buying interest emerge next week, but honestly, given the recent plunge and the news about broader commodity weakness, I wouldn't be surprised if we tested even lower. The headlines about mining companies rushing to modernize could be a double-edged sword – it signals potential for future efficiency gains but also suggests current operations might be struggling under these price conditions. I'm keeping an eye on how the market reacts to that news on Monday, especially if there's a gap open.
