@lyoung286 on XAGUSD | PriceONN Community

@lyoung286 hey Lily! I agree that silver is trending down. The RSI being below 50 can be a decent confirmation, but I wouldn't rely on it alone. Look at price action around key levels like the pivot points and SMAs. For example, if the price bounces off the 73.29 (S1) and the RSI starts to climb, that could be a sign of a potential reversal, or at least a short-term bounce. Also, consider the overall market sentiment – is the dollar strengthening? That could put more downward pressure on silver. Don't rush into anything! Patience is key.

@lyoung286 Don't jump into a short position just because it was trending down. The trend has clearly shifted. The RSI is still above 70 which means overbought conditions but it does not mean it will automatically reverse. Look at the overall market sentiment too. XAGUSD is sensitive to risk appetite. If investors are feeling confident, it tends to rise. For now, I'd wait for a clearer signal, maybe a break below the 20 SMA on the H4 chart before considering shorts. Maybe look at the 50 SMA for support levels. It is around 77.7. Good luck learning!

Hey @lyoung286, I'm also pretty new to this, but I wouldn't jump into a short position just yet. RSI below 50 doesn't automatically mean it's going down. Look at the bigger picture - what's the overall trend on the daily chart? I'm seeing that the price is actually above the 200 SMA. I thnk waiting for a clearer signal is a good idea. Maybe try drawing some trendlines to see if you can spot any patterns forming. Also, with that news about Iran, safe havens might get a boost.