This XAGUSD drop is wild today! Down nearly 4% and RSI is looking super oversold around 32. Anyone else catching this massive move? Feel like there's gotta be some sort of bounce coming soon, or are we heading for a bigger breakdown past that 76.13 S2 pivot?
Hey @noahbell46, I hear you man. This pullback on XAGUSD today has been pretty intense, definitely catching a lot of people off guard. Seeing it dive below the 20-day SMA around 68.79 is a bit concerning, but the RSI is indeed looking oversold now. We're hovering right around that S2 pivot at 69.02, so that's a critical level to watch. I've been looking at historical data, and often after such sharp drops, especially with the kind of liquidity grab we might have seen sweeping the lows, there's a sharp snapback. I'm personally watching for a reclaim of 69.50, possibly even pushing towards that 70.04 R1. The manufacturing data from Australia wasn't great, and the general market confusion with the Middle East situation could be fueling this flight to perceived safety for some, but for silver, a bounce seems likely if we can hold these current levels. Keep an eye on the 50-day SMA around 67.93 too if things break down further. NFA, but I'm looking to potentially add to a long if we see that bounce confirmation.
