XAGUSD showing significant weakness. RSI below 40 suggests further downside potential. Watching for a break of the lower Bollinger Band. Potential target around 72.00 if the bearish trend continues. Overall, the technicals point to a shorting opportunity.
Update: A bounce off 72.00 is possible, but unlikely given the momentum. A retest of 73.00 would be a good place to add to shorts. Still bearish.
J
jwilson471PROnewbieFeb 20
@OliverSmith, I see what you're saying about the weakness, but isn't the RSI overbought now? Doesn't that suggest a possible pullback soon? I'm a bit hesitant to short silver right now with it being so high. Maybe wait for a confirmation before jumping in? I'm still learning how to read these signals properly, so any advice would be helpful. I just don't want to get burned trying to short a potential reversal.