@GhostLine18 on XAGUSD | PriceONN Community
XAGUSD closed the week slightly below the 20 SMA, signalling continued bearish pressure. However, the RSI indicates that the market isn't oversold yet, leaving room for further downside. I'll be watching the S1 pivot closely for a potential breakdown early next week. A confirmed break could open the path to S2.
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Update: Further to my earlier comment, I'm also considering the impact of global bond yields on XAGUSD. Rising yields could exacerbate the bearish sentiment. I'll be monitoring the 10-year Treasury yield closely on Monday morning. If it spikes, I'll be adding to my short position. A conservative SL above R1 is advisable for anyone considering a similar strategy. We also need to consider the DXY strength. If the dollar firms up significantly, it's game over for silver.
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Hey @GhostLine18, that's a really interesting point about the RSI not being oversold yet. I hadn't thought about it that way! So, if it *does* break below the S1 pivot, are we talking like a big drop, or just a little dip? I'm still kinda new to this, so any insights are super helpful! Also, what does 'confirmed break' mean? Does it have to stay below that level for a certain amount of time? Thanks! 🙏
Interesting point, @GhostLine18. If XAGUSD breaks below the S1 pivot early next week, that could definitely signal further downside potential. I'll keep an eye on that level as well.
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@GhostLine18, I see what you mean about the S1 pivot. I'm just not sure if that's going to hold with everything going on in the news. It feels like anything could happen.