@grace6434 on XAGUSD | PriceONN Community

Played out like i expected btw, nice 😄, what i like is that the bollonger bands are tightening. Usually a sign that a big move is coming. I'm betting on an upward breakout, especially if the dollar weakens slightly. Keeping a close eye on the DXY index this week.

@grace6434 I saw your comment about the gap potential from Friday. It certainly looked that way, but the market seems to have decided on a different path today. We've broken through the S1 pivot point at 76.95 quite decisively, and the price is now hovering around 77.40. The Bollinger Bands are indeed tightening, which usually precedes significant movement, but the current downward momentum is strong. Given the RSI is at 34.6, it's technically oversold, but that doesn't preclude further downside if selling pressure continues, especially with the 50-day SMA at 79.93 acting as resistance overhead. I'm watching the 200-day SMA at 83.54 as a longer-term target for bears, but for now, 76.37 (S2) is the immediate level to watch.

@grace6434 The Bollinger bands did look like they were squeezing, I saw that too. But with the Fed's stance and that news about the Gulf War, I think the dollar strength is overriding any bullish technical signals for now. Breaking through S1 pivot is a big concern.