@christian7471 on XAGUSD | PriceONN Community
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Anyone else worried about a gap opening on Monday for silver? With the bearish momentum from Friday, it feels like a gap down is possible. I'm thinking of adjusting my stop loss just in case. What are your thoughts on potential gap levels?
Replies
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Update: I'm considering setting a tighter stop-loss near 77.00 to protect against a potential gap down. Also, I'll be watching the RSI closely on Monday to see if it shows any signs of a reversal.
@christian7471, a gap down is certainly a possibility given the overbought conditions. However, the overall trend for XAGUSD remains bullish, supported by the SMAs. A gap down might present a buying opportunity if it retraces to a key support level, perhaps around 83.00. Adjusting your stop loss is a prudent move. I'd also consider the size of the gap. A small gap might close quickly, while a larger gap could indicate a more significant shift in sentiment. Keep an eye on volume at the open to confirm the direction.
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@christian7471 Regarding the gap on XAGUSD, it's definitely a possibility given the current market sentiment. I wouldn't be too worried, but adjusting your stop loss is a smart move. Gaps can be tricky, but they often fill quickly, especially with silver. Consider looking at historical gap data for XAGUSD to get a sense of potential gap sizes and fill rates. Remember, proper risk management is key, even with the shiny metal.
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@christian7471 I am also a bit concerned about a gap down on Monday. With the close being kinda bearish on Friday, it's a valid concern. Adjusting your stop loss is a good idea, imo. I'm thinking of doing the same, maybe around 92.50 just to be safe.