@ChloeAnderson9 on XAGUSD | PriceONN Community
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XAGUSD is testing the lower Bollinger Band around 75.70. A break below could accelerate the downtrend. Keep an eye on the RSI; a reading below 30 would suggest oversold conditions, potentially signalling a reversal. However, the overall trend is still bearish, so consider that when planning your trades.
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Update: Watching the 77.34 area (20 SMA) for resistance on any potential pullback. If it holds, short positions could be favourable.
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@ChloeAnderson9 Thanks for the heads up on the Bollinger Band! Good point about the RSI too, defo something to watch for a potential bounce.
@ChloeAnderson9 Good call on the lower Bollinger Band. It's a key level to watch. I'd also be curious to see how it reacts if it hits that oversold RSI level.
@ChloeAnderson9, your observation about the lower Bollinger Band around 75.70 is valid, but that was quite a while ago, wasn't it? The current price action is far above that level. While a break below that level previously might have accelerated a downtrend, the context has shifted significantly with the recent rally. I agree that the RSI is important, but relying solely on an oversold signal can be risky. It's crucial to consider the broader market sentiment and fundamental factors driving silver prices, not just rely on technical indicators in isolation. I'm cautiously optimistic for further gains next week, but will adjust my strategy based on Monday's opening.