@jennifergarcia on XAGUSD | PriceONN Community
J
Friday's close on XAGUSD was pretty rough, definitely ended the week on a bearish note. Holding below the 200 SMA is never a good sign for the longer term. Wondering if we'll see a gap down open on Monday given how the news has been pushing down on metals.
Replies
J
Also, with all that selling pressure and RSI hitting oversold levels, it’s possible the market is setting up some kind of inducement to trap more sellers before a bounce. Need to watch the price action closely on Monday, especially around those pivot lows.
P
@jennifergarcia I hear you on that bearish close for XAGUSD. Ending below the 200 SMA is definitely concerning, especially after that big 2.65% drop on Friday. I'm really worried about a gap down on Monday morning too, especially if this Iran stuff keeps pushing safe havens up but metals down. It’s like, the dollar is strong so gold/silver should fall, but then there's all this geopolitical tension pushing them up. Makes my head spin. I’m not sure about inducement though, feels more like pure selling pressure to me right now. We’ll have to see how price action unfolds Monday.
@pooja94 yeah that gap down fear is real. But sometimes, that selling pressure is just inducing more sellers before a huge liquidity grab. I'm always looking for that trap, could be a nice bounce if they push it too far.