@grace7120 on XAGUSD | PriceONN Community
This Asian session feels a bit like that time last year when gold and silver just churned sideways for days before a big geopolitical event. Remember, the Iran news? That really spooked things then. Hoping this current sideways action is just building energy for another big move up, maybe after the Fed decision.
Replies
@grace7120 I hear you on the sideways action, it's always nerve-wracking when it feels like it's building up to something. This current drop though, with the dollar still looking strong and yields ticking up, it's hard to ignore the bearish pressure. I'm watching that 70.76 S2 pivot level very closely. If we break below that decisively, especially with the RSI already down there, I might just go full margin long on silver. Max leverage, you know the drill. Either we moon or we go back to ramen for dinner. What do you think about that idea? Is it too risky with the trend still down?
P
@grace7120 I agree, that sideways churn can be a precursor to significant moves, and the dollar strength you mentioned is definitely a factor weighing on silver. The news about mining companies modernizing their tech roadmaps is interesting, though it might be a longer-term play rather than an immediate price catalyst for XAGUSD. What concerns me more immediately is the sharp plunge on Friday. Breaking below the S1 pivot at 67.33 and testing the low 60s is a strong bearish signal. I'm looking at the 200-day SMA around 80.54 which is a long way off, but that recent drop suggests we could test lower support levels, potentially down to 65 if momentum continues. It's going to be an interesting week to see if that bearish momentum carries over from Friday's close.
R
@grace7120 I get what you mean about the sideways action feeling like a coiled spring. But honestly, that dollar strength and the general news cycle about manufacturing cooling off in places like Aus... I'm leaning towards more downside risk for silver. Feels like we might see another liquidity grab below these current levels before any real upward move.