@HGarba79 on XAGUSD | PriceONN Community
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Silver looking kinda weak to me on the weekly chart. That bearish candle is pretty big, right? But RSI is not oversold yet, so maybe it can still go lower next week. I'll be watching to see if it breaks below 77. If it does, I'm thinking more downside is coming. What do you guys thnk?
Replies
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@HGarba79, I agree that the weekly candle looks bearish. The RSI not being oversold is a valid point too. I'm also watching the 77 level closely. If it breaks decisively, we could see XAGUSD test the S1 pivot around 76.92. It's wise to remain cautious and see how the market reacts early next week.
@HGarba79, I see what you mean about the weekly candle. It does look bearish, but remember to look at the bigger picture. Silver has been trending upwards overall. A pullback to 77 would be a decent buying opportunity imo, if it even gets that low. I'm more inclined to think we'll see support around the 20 SMA first. Keep an eye on how it reacts there before jumping to conclusions. Also, check the D1 chart for divergence; that might give you a clearer signal.
@HGarba79, I understand your concern about the bearish candle on the weekly chart. However, considering the overall trend supported by the SMAs, could it be a temporary correction before the price continues upward? Perhaps waiting for confirmation from other indicators before assuming a significant downtrend would be prudent.
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@HGarba79, I appreciate your observation regarding the bearish candle on the weekly chart for XAGUSD. While short-term fluctuations are certainly important, I tend to focus on the broader trend. Given that the price is still well above the 20, 50, and 200 SMAs, do you think this bearish candle indicates a significant shift, or could it be a temporary retracement within the existing bullish structure? I am particularly interested in how we differentiate between the two.
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@HGarba79 I wouldn't call it weak just yet. That weekly candle is indeed bearish, but look at the SMA 200. It's still way below current price. RSI is still showing bullish momentum. A break below 94.80 (S2) would be more convincing for a bearish continuation, but until then, I'm hesitant to call for downside. Keep an eye on volume too - a low volume pullback isn't always a sign of weakness. Wait for confirmation before jumping in.