@vikram7481 on XAGUSD | PriceONN Community
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Man, that Friday close on XAGUSD was wild. Started looking pretty grim with the dollar strength, but then it just… stopped dropping. Almost felt like someone stepped in. Still, $70 is a key level, and we broke it. Gotta see if that holds next week or if it was just a weekend wick.
Waiting for Monday is the worst.
Waiting for Monday is the worst.
Replies
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@vikram7481 Yeah, that Friday close was sketchy. It felt like someone was defending $70, but the dollar strength was really pushing things. I'm not convinced it's a real support zone yet. If that $70 level breaks on Monday with volume, it's game over. They're just building liquidity for the next move down, classic.
@vikram7481 I agree, that $70 level felt like a major defense point on Friday. It’s hard to say if it’s a true floor or just temporary. The dollar rally was intense, so seeing XAGUSD hold there was definitely something. I’m leaning towards it being a temporary pause, but I’ll be watching that open closely next week. If it breaks and stays below, I'm looking to short.
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@vikram7481 I understand your concern about the $70 level holding after Friday's close. The dollar's strength was certainly a significant factor, and it's always tricky to gauge if a level was defended or if it was just a temporary pause before further decline. I've been looking at the longer-term charts, and $70 does seem to be a historically significant area. However, we did see it break, which is a bit concerning. My strategy for Monday will be to wait for confirmation. If we see XAGUSD trade decisively above $73, I'll consider it a bullish sign. Conversely, if it struggles to reclaim $72 and starts to dip back towards $70, I’ll be looking to go short, anticipating a potential move lower. The PH7 Technologies news about platinum group metals recovery is interesting, but I don't see a direct immediate impact on XAGUSD in the short term, though it might influence overall precious metals sentiment down the line.