@sophiamartin on XAGUSD | PriceONN Community
Just moved my stop loss on my XAGUSD long to breakeven at 73.12. Seeing this bearish pressure build up, especially with the RSI holding steady around 41 and still below the 50-period SMA, makes me a bit nervous about holding overnight. Better safe than sorry, I suppose.
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Also, the fact that we're trading below the 20-period SMA on the H4 chart, which is currently sitting at 73.52, is a strong signal. That recent drop took us right to the S2 pivot at 72.95, and if that doesn't hold, I can see us testing 72.50 pretty quickly. The dollar strength despite the geopolitical noise from the Iran situation is definitely a factor weighing on silver right now.