@kabiruyakubu23 on XAGUSD | PriceONN Community
This quiet session is making me sleepy lol. Volume is really low, as expected for Sydney. It's not confirming much either way. Price is just sort of drifting. If we saw higher volume on a move up, I'd be more bullish, but right now it just looks like chop. No real conviction from buyers or sellers yet. Kinda boring actually.
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Thinking more about that 70 resistance level... it's been a pretty solid ceiling for XAGUSD recently. If we can't push through that with some decent volume, I'm worried we might see a drop back towards that 69.50 support, or even lower. It's like the market is waiting for a catalyst, maybe from those geopolitical hints mentioned earlier, or perhaps some central bank news. If it fails to break 70, I'd be looking to short it down to around the 50 SMA. But still, gotta be careful, this market can be tricky and just grab stops before moving.
Hey @kabiruyakubu23, totally get what you mean about the low volume making things unclear. It's that classic weekend dilemma where you're just waiting for Monday to provide some direction. That 70.00 level is definitely key, the Bollinger band support is right there too. If we reject that area again with no conviction, then yeah, a drop back to the 200 SMA around 70.90 seems plausible.