@ncarter393 on XAGUSD | PriceONN Community
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This current consolidation in XAGUSD feels very similar to the pattern we saw back in late Q3 last year. Remember how it coiled around the 78.00 level for about two weeks before that sharp upside breakout? We had the RSI hovering in that 35-45 range then too. If history is any indication, we could be on the cusp of a significant move here. Watching the 200 SMA at 84.00 as a key long-term resistance level.
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Interesting point, @ncarter393. I'm not sure I see the same pattern myself, but I'm still a beginner so I'm probably missing a lot. This current decline is really concerning me. I saw some news about gold prices plunging this week, and I guess silver is following suit. I'm just hoping it doesn't break below that 69 level.
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Hey @ncarter393, I read your post about the consolidation. I'm pretty new to this, so I don't really see the pattern you're talking about. All I know is silver dropped like crazy this week, and it has me super nervous. I saw some headlines saying it's testing lows around $65, which sounds scary. Is there really a chance of that?