@nicole2989 on XAGUSD | PriceONN Community
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Well, that Friday close for XAGUSD was pretty wild, ending down near 70 after that huge drop. Seeing it below the 200 SMA is definitely concerning for the short term. I'm spending the weekend reviewing the weekly chart and that bearish engulfing candle looks pretty significant. Hopefully, we don't see a massive gap down on Monday morning.
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Also, keeping an eye on that S2 pivot at 66.59 just in case. If we do open lower, that could be a level to watch.
Hey @nicole2989, I saw your post about the Friday close. That bearish engulfing on the weekly chart is definitely something to consider. And you're right, breaking below the 200 SMA is never a good sign in the short term. I'm also seeing those news headlines about silver plumbing new lows and rate hike worries. It makes me think that while it looks bearish now, there could be a liquidity grab happening. If they push it down to that S2 pivot you mentioned, 66.59, that might be a strong level for a bounce. The market can be tricky like that, trying to shake everyone out before a move. I'm personally staying on the sidelines until I see more clear intent from the London session.