@redfern on XAGUSD | PriceONN Community

Responding to the idea of a bounce, @stephaniewhite40, I get why you'd think that looking at the lower Bollinger Band around 71.02 and the S2 pivot point near there. However, I'm seeing a pattern that feels eerily familiar to what happened back in late 2021. Remember when XAGUSD looked like it had found a bottom around $21, and everyone thought it was time to go long? The price action then was very similar – choppy, with RSI hovering in that oversold territory. But then, a few days later, we saw a swift move down, breaking through what looked like solid support, and it took months for silver to recover. The 200-day SMA is still way above us at 76.59, and the downward slope on all the shorter SMAs suggests we're still in a significant downtrend. I wouldn't be surprised if this is just a temporary consolidation before another leg lower, especially with the lingering inflation fears and the dollar showing signs of strength despite what some news is saying.