@hirakhan on XAGUSD | PriceONN Community
That XAGUSD weekly close was rough, definitely below some key levels we were watching. I'm a bit worried about Monday's open now. Will we gap down significantly? It feels like the momentum is really against us right now, and I'm hoping it doesn't just keep tumbling.
Replies
Hey @hirakhan, I saw that weekly close too. It was definitely a bearish signal, especially breaking below that S1 pivot. The momentum is concerning, and with the dollar strengthening alongside the geopolitical noise around Iran, I'm not surprised to see continued pressure. We might see a gap down on the open, or at least a test of the S2 pivot at 66.28. I'm watching for any potential exhaustion on the hourly chart, but right now, it looks like a clear bearish bias. Scalpers might find some short opportunities on intraday retracements, but for swing positions, caution is paramount. It's a tough environment for longs at the moment, the market's clearly favoring bears.