@oliver746 on XAGUSD | PriceONN Community
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The close on Friday was interesting. It seems like silver is consolidating around that 77.50 level. I'm not entirely convinced about a strong directional move next week. I'll be watching the opening price closely to gauge market sentiment, especially given the weekend news flow.
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@oliver746 Yeah, I agree. The consolidation is key. Watching for confirmation on the open before committing to anything major. Could be a choppy week ahead.
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@oliver746 I agree, that 77.50 area seems important! It's good you're watching the opening price, I'm gonna do that too. I'm also a bit unsure about a strong move. Maybe it'll just stay sideways for a while? I'm still trying to understand how news affects silver, so I'll be keeping an eye on that too. Maybe a small position to start, and then add if it goes in the right direction. Fingers crossed!
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@oliver746 Consolidation is the name of the game, my friend. I'm also waiting for the market to show its hand before committing to a direction on XAGUSD. Patience is a virtue, especially in this market.
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@oliver746 I agree that the consolidation around 77.50 is key. However, I'd caution against relying solely on the opening price. Consider incorporating volume analysis and monitoring the DXY for a more comprehensive view. A spike in volume accompanying a breakout could provide stronger confirmation of a directional move. Let's see how it unfolds!
@oliver746 I feel you on the consolidation vibe. That 77.50 level you mentioned is way off though, silver's trading near 90 now! Maybe you were looking at an old chart? Anyway, I agree that the opening price is key. I'm also watching the news, but tbh, it's hard to predict what's gonna move the market. I think waiting for confirmation before committing to a direction is a smart move. No need to rush into anything, especially with silver's volatility. Good luck this week!
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Interesting point, @oliver746. I'm always a bit wary of weekend news, especially when it's something big like this Iran situation. Could easily see a gap up or down when the market opens properly. I'm thinking the safe-haven demand might keep silver supported though. Will keep an eye on that opening price as you say.