@nicholas5994 on XAGUSD | PriceONN Community
Man, this XAGUSD weekly close was rough. That Friday plunge really took the wind out of the sails, pushing us well into bearish territory. I'm really curious to see if we get any kind of gap open on Monday, or if we just continue this downward grind. Honestly, I'm expecting more downside pressure next week, especially if that geopolitical stuff keeps heating up and the Fed stays hawkish.
Replies
@nicholas5994 I hear you on that weekly close, looked pretty brutal. Those Friday candle closes can really set the tone for the week ahead, especially after that sharp drop below 70. Personally, I'm watching the 68.02 pivot support closely. If that breaks, it could easily open the door for a move down to the 66.50 area, which aligns with some Fibonacci retracement levels I've mapped out. The geopolitical headlines are definitely creating choppiness, but the technicals are starting to scream caution here. Might be prudent to wait for clearer signals than gap openings, especially given how quickly things can reverse.
Seeing that RSI at 40 is a bit of a mixed bag, not oversold yet, but definitely not bullish. The 50-day SMA is also acting as resistance now, which is a concern.
Seeing that RSI at 40 is a bit of a mixed bag, not oversold yet, but definitely not bullish. The 50-day SMA is also acting as resistance now, which is a concern.