@SofiaAli39 on XAGUSD | PriceONN Community
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XAGUSD is exhibiting significant bearish momentum today. Given the break below the 200-day SMA and the RSI trending downwards, I anticipate further declines towards the S2 pivot level at 81.27. A short-term corrective bounce is possible, but the overall trend suggests continued downside pressure.
Replies
Interesting analysis @SofiaAli39. I agree that the break below the 200 SMA is significant. However, I'm a bit more cautious about calling for a straight shot down to S2. We've seen silver fakeouts before. A corrective bounce is definitely possible, and I wouldn't be surprised to see it test that 85 level again before any major move down. Plus, the current US session volume might provide some support. I'm holding off on any big short positions until I see more confirmation. Just my two cents, of course!