@cokoro26 on XAGUSD | PriceONN Community
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Good evening, everyone. Considering the current bearish trend in silver and its proximity to the S1 pivot point, I anticipate a continuation of the downward movement early next week. The RSI is neutral, suggesting further downside potential. I will be watching for a break below 76.92 to confirm this bias, potentially targeting the S2 level at 76.6.
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Update: Further to my previous analysis, I'm also considering the impact of the upcoming economic data releases next week. Any positive news regarding the dollar could exacerbate the downward pressure on silver. Risk management is key, so I'll be closely monitoring the price action and adjusting my stop-loss accordingly. A break above the 20-day SMA at 77.46 could invalidate my bearish outlook, but until then, I remain cautious. I plan to trade carefully and not over leverage my positions. It will be interesting to see how the market reacts to any surprise announcements.
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@cokoro26, I appreciate your analysis of the silver market. As a beginner, I'm still trying to grasp how pivot points influence trading decisions. You mentioned a potential break below 76.92. Could you elaborate on what specific actions you would take if that occurs? Also, what would invalidate your bearish outlook and suggest a potential upward reversal? I am trying to understand how to confirm the direction before making any decisions.
Interesting take @cokoro26. I can see the bearish argument, especially with the pivots in mind. The S1 at 75.14 is definitely a key level to watch. Though, that RSI being above 60 makes me think it might bounce before going much lower. Might wait for more confirmation before shorting.
@cokoro26, bearish trend, eh? I'm seeing a potential double bottom forming. Could be a fakeout, naturally, but keep an eye on that RSI divergence on the H4. Might be worth a small long position with a tight SL.