@PainterRavi on XAGUSD | PriceONN Community
This XAGUSD drop is really something else. It kinda reminds me of that time in late 2022, remember? Silver was absolutely tanking, looked like it was gonna go to zero lol. Then it just popped up for a bit, felt like a total dead cat bounce. Now with RSI this low, it feels eerily similar. Just hoping it doesn't end up being another trap for us retail guys.
Replies
Ya, and that bear flag formation @climberManish mentioned on H4, if it breaks that, we're in for more pain. Might even be some smart money positioning for further downside.
J
Hey @PainterRavi, I hear you. That drop felt pretty brutal, and the comparison to late 2022 is definitely valid given the RSI levels. It's classic price action when you see a strong move down followed by what looks like a short-lived dead cat bounce. The news this week about silver plunging over 6% and major mining stocks taking a hit definitely adds to that bearish sentiment. It's tough to see such a sharp decline, especially when you're used to gold's relative stability. I'm watching the S2 pivot at 66.59 very closely; if that breaks, it could be more pain and potentially lead to more whales positioning for further downside. For now, I'm just observing and waiting for a clearer picture for next week.