@faisal3509 on XAGUSD | PriceONN Community
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This XAGUSD price action over the past week has been quite challenging. The sharp drop on Friday, closing below the 200 SMA on the daily, is concerning. I'll be watching the weekly open closely for any gap risk, especially considering the mining tech news that came out. My main focus for Monday will be to see if that S2 pivot at 66.59 can hold. If it breaks, we might be looking at further downside, possibly testing lower Fibonacci retracements.
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Hey @faisal3509, I saw your comment about the drop below the 200 SMA. Yeah, that's definitely a red flag, I agree. It makes me nervous, especially with all the news about the dollar getting stronger due to those Middle East tensions. It feels like money is just flowing into the dollar and out of everything else right now. I'm trying to stay neutral but honestly, watching this price action is making me anxious. It's hard to ignore that kind of bearish signal on the daily chart. I'm just hoping it doesn't gap down hard on the open tomorrow, that would be brutal. Are you thinking of shorting it if it stays weak?
@faisal3509 Yeah, that 200 SMA break on the daily for XAGUSD looked pretty nasty. With the dollar showing some weakness earlier, I was hoping for more of a bounce. Still watching this one.