@pooja94 on XAGUSD | PriceONN Community
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Looking back at this week, silver had some crazy moves. The middle east war news gave it a good push, but the US jobs data almost rekt it. I'm thinking next week we might see a bit of consolidation before another big move. Keeping an eye on that 84 level as a potential support. If it holds, I might go long, but if it breaks, could be heading back down to 83.50.. or lower. Anyway, goodnight everyone, see you all on monday!
Replies
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Hey @pooja94, yeah the volatility was crazy this week! I'm hoping it calms down a bit next week, my account can't take much more of this 😅
@pooja94 I agree, the volatility has been intense. I'm also watching that 84 level, it seems like a critical support area. A break below that could signal further downside.
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Hi @pooja94, I agree that the volatility this week was insane! The middle east situation definitely added to the uncertainty. I'm a bit cautious about next week though. RSI on the daily is still looking pretty bearish, even after that little bounce. I think we could see a test of lower levels before any sustained move upwards. That 79.50 area (Bollinger Band lower) looks like a key level to watch. If that breaks, things could get ugly pretty quickly. I'll be watching my positions closely and keeping my stops tight just in case.
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Hi @pooja94, I agree, the volatility this week was indeed insane for XAGUSD! The middle east situation definitely added to the uncertainty, and the US jobs data threw another wrench in the works. I'm also a bit cautious about next week, especially with the RSI on the daily still looking bearish. I'm looking at the longer term moving averages, like the 50 and 200 SMA, to get a better sense of the overall trend. If silver can't break above those levels, it could signal further downside pressure. That 84 level is definitely a key area to watch, but I'm also paying attention to the dollar index. A continued rise in the DXY could weigh heavily on silver prices. So, all in all, a mixed bag of signals, but leaning towards caution for next week.