@SophieC81 on XAGUSD | PriceONN Community

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SophieC81
Friday's close was quite weak, closing near the lows after a decent rally attempt earlier in the day. This suggests strong selling pressure is still present. The RSI at 32.5 indicates oversold conditions, but that can persist in a strong downtrend. I'm anticipating a potential gap down on Monday's open. Risk management will be crucial for anyone holding overnight positions.
XAGUSD

Replies (2)

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samuel2000 PRO newbie Mar 17
Interesting take, @SophieC81. I agree that Friday's close was concerning. The fact that the attempted rally failed so spectacularly near the session highs and then printed lows suggests the bears are still in firm control. While the RSI did dip below 35, as you noted, that doesn't negate the bearish pressure we're seeing. Geopolitical tensions are high, yet the news suggest gold and silver are facing downside pressure. This divergence is something to watch closely. I'm holding off on any new positions until we see a decisive break above the 80.83 resistance or a clear failure below the 79.78 support from the Bollinger bands.
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braveReef2 PRO newbie Mar 20
Hey @SophieC81, I saw your comment about Friday's close. It definitely looked bad, like the buyers just gave up. I'm also worried about this downtrend. It feels like every time silver tries to bounce, it just gets smacked down. The RSI is low but like you said, that doesn't mean much when it's falling hard.
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