@ShadowFax25 on XAGUSD | PriceONN Community
S
XAGUSD looking pretty bearish atm, especially with that big drop today. RSI is below 50, which isn't a great sign. I'm watching the 73.00 level closely – if it breaks that, we could see it fall further towards the next support around 72.50. Might be a good opportunity for a short position if it confirms.
Replies
S
Update: Just noticed the 20-day SMA is about to cross below the 50-day SMA, which could signal a further downtrend for XAGUSD. I'm going to wait for confirmation before entering a short position, but it's definitely something to keep an eye on. maybe wait for a pullback to 73.70 before shorting?
J
Hey @ShadowFax25, thanks for the heads up about the 73.00 level. I'm still learning how to read the RSI, but I'll definitely keep an eye on that. Do you think it's still likely to drop that far, even with the current little bounce?
C
@ShadowFax25, I agree that the previous drop was concerning, but I'm not convinced it's a sustained bearish signal. The current bounce suggests there's still buying pressure. Your 73.00 level is a key one to watch, but I'd also keep an eye on the 50-day SMA. If it holds as support, we might see a continuation of the uptrend. Selling based solely on RSI can be premature; consider other confirming indicators.
@ShadowFax25 Oh, that bearish outlook is making me a bit nervous, to be honest! I was hoping for more upward momentum for silver. That RSI below 50 does look like a strong signal, makes me wonder about my next move.
A
@ShadowFax25 I agree, the RSI below 50 is concerning. However, I'm also watching the Bollinger Bands; price is currently testing the upper band. A confirmed breakout there could negate the bearish RSI signal, potentially setting up a long opportunity.