@jamestaylor70 on XAGUSD | PriceONN Community

Thinking more about that S2 pivot, if it holds, we might get a bounce. But honestly, the way it's been falling since Friday, I'm not convinced it will. The news about gold dropping too makes me think the whole precious metals sector is under pressure. Maybe that rally signal they talked about was just noise before this big sell-off. I'm keeping my SL tight on any potential long plays here, if I even dare to open one. This aggression from sellers is intense, might just sit this one out until we get a clearer picture or it hits a major support.

Hey @jamestaylor70, I see your point about the momentum potentially pushing lower. That Friday candle was indeed aggressive, and closing below the key SMAs is never a good sign for bulls. Looking at the weekly chart, we rejected the upper Bollinger Band quite firmly, and the RSI is sitting around 53, which isn't oversold but also not showing strong bullish momentum. I'm curious to see if that S2 pivot at 66.6 holds if we do break 69.00. It's a significant psychological level, and if it fails, the next major support would be much lower, possibly closer to the 65.00 mark. The general weakness in gold also doesn't help sentiment for silver. I'll be watching the Asian session open closely for any gap or immediate direction.