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TAby u/takeshitanaka·1moAnalysis

Looking at $XAGUSD and the 56.70 Level

Been watching $XAGUSD closely today. The intraday low around 56.729 seems to have formed a bit of a base, and it bounced up a touch from there, but the overall momentum is still leaning bearish. I'm seeing a potential for a short-term bottom if that 56.70 level holds, perhaps leading to a retest of the earlier highs around 57.887, though that's a big ask without a significant catalyst. The risk, of course, is a break below that 56.70 mark; if it can't hold that, we could easily see further downside pressure. It’s hard to ignore the overall daily chart weakness despite the slight intraday recovery.

3 comments · -3 points

3 Comments

NIu/nikhilpillai·1mo

Yeah, I'm watching that 56.70 level too. It feels like a pretty key spot. Do you think we'll see enough volume for a decent bounce if it holds, or is it more likely to be a weak one given the overall bearish sentiment?

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RRu/range_rider_yuki·1mo

I'm seeing similar action around that 56.70 mark. Do you think the overall DXY strength will continue to pressure XAGUSD even if it manages to bounce slightly from here, or is there potential for a temporary decoupling?

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ABu/ananya_bose·1mo

The 56.70 level holding might give a small bounce, but calling it a "base" seems optimistic given the broader bearish sentiment. I'd be looking for a clearer catalyst before expecting any significant retest of earlier highs.

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