@IbrahimUsman on XAGUSD | PriceONN Community
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Be careful chasing any moves right now on XAGUSD, especially with that geopolitical news from the other day still lingering. The price is hovering right around the 50-day SMA, which is usually a key level, but the RSI is sitting pretty high at 62, which normally suggests upward momentum. However, the overall choppy action and low volume don't inspire confidence. It feels like we could be setting up for a bull trap where a few people jump in on a small pop, only for the price to reverse sharply and head back down towards those S1 and S2 pivot points. The failed US-Iran talks could easily spook things again, pushing silver back under $75 if sentiment shifts. I'm watching to see if it can hold above the 20-day SMA, but frankly, I'm expecting a fakeout one way or another before any real trend emerges.
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Hey @IbrahimUsman, about that RSI you mentioned… it's not that high, it's actually sitting around 40 now, which is pretty bearish if you ask me. And the 50-day SMA at 79.49 is acting as resistance, not just a hover zone. This whole market feels rigged, especially with that Iran nonsense they keep talking about to scare everyone. They probably just put out that peace talk noise to shake out longs, then BOOM, price drops. Classic manipulation to keep retail traders guessing while they load up. I’m not buying this sideways chop for a second.