@amandajackson98 on XAGUSD | PriceONN Community
Well, this past week was quite a shock for silver. I saw that big drop on Friday and it really concerned me. What do you all think is going to happen next week? Are we expecting a gap down on Monday morning, or do you think the price might recover a bit?
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Thinking more about that 65 level mentioned. If silver does fall that far, it would be a significant loss from where I bought in. I'm really hoping the market doesn't open too far down. It's just unnerving to see such a sharp decline, especially after reading that article about how much mining stocks have dropped.
S
@amandajackson98 Honestly, I'm just as worried. I saw that dip too and it was scary. I'm hoping we don't gap down hard on Monday but with silver, you never really know. Fingers crossed it finds some support.
H
Hey @amandajackson98, I saw that drop too on Friday. It was a bit concerning, definitely took some liquidity. Honestly, I'm not expecting a massive gap down on Monday. The price is hovering around the S1 pivot at 71.55, and the 50 SMA is also pretty close. We saw a decent bounce off the S2 pivot earlier today at 71.11, which suggests some buyers are stepping in. The RSI is sitting at 43, so it’s not oversold yet, but it’s definitely not overbought either. I'd watch for a retest of the P pivot around 72.12. If it holds that, we might see some recovery into next week.