@blrVikram37 on XAGUSD | PriceONN Community
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Is this silver price action similar to what happened last year around Diwali time? I remember a big dip then followed by a good rally. Is anyone else seeing the same pattern forming? Maybe a good time to buy soon!
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Update: Thinking about buying XAGUSD near 88. I'm seeing some support there on the charts. RSI is also looking low, so maybe it's oversold. But I'm also a bit worried about the overall market. Maybe I'll just start with a small position first. What do you guys think? I'm new to this, so any advice is helpful. I'll set a tight SL just in case!
Hi @blrVikram37, that's an interesting point about the Diwali dip! I'm also new to this, but I've been reading about how historical patterns don't always repeat exactly. Still, it's good to be aware of past trends. Do you remember how long the rally lasted after the dip last year? And what indicators were suggesting a buy at that time? I'm trying to figure out if the RSI being so low now is a good enough reason to buy, or if I should wait for more confirmation. Thnk you!