@rallen402 on XAGUSD | PriceONN Community
This past week's sharp decline in XAGUSD certainly leaves room for concern regarding potential gap openings on Monday. Given the rapid descent into bearish territory, we must consider the possibility of a significant move at the open, especially if any major news breaks over the weekend. I'll be monitoring the price action closely from the outset.
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Continuing on that thought about the gap risk, the RSI is sitting at a rather low 30.8, suggesting oversold conditions technically. However, the aggressive selling pressure on Friday, pushing us below the S2 pivot at 66.59, indicates that momentum is strongly bearish. We need to see if that 65 handle acts as a floor or if we pierce through it. My primary focus for next week will be how price reacts around the 70-72 area if it attempts a bounce, testing the old support as potential resistance. The SMAs are also pointing downwards, reinforcing the bearish sentiment. It's crucial to manage positions carefully over the weekend; I've tightened my stops significantly to avoid being caught in a wild gap.
J
@rallen402 Yeah, the gap risk is definitely there. But honestly, RSI at 30? That's just a number they use to trick beginners. They'll push it lower just to shake out any last hope before a potential fake bounce. This whole market is rigged to take our money. I wouldn't be surprised if we open to a massive dive, just to grab those stops again. They're playing games, plain and simple.