@AyodeleSkier - XAGUSD | PriceONN Topluluk
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This sideways movement on XAGUSD is worrying me. It's hovering right around the 20-day SMA, which is barely holding. I saw that bit about silver prices rising on Friday, but this current price action feels like a trap. It could be setting up for a sudden drop once people start buying into this false calm.
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Also, the fact that it's just drifting now, like @SOmar72 mentioned, makes me nervous. If there's no real buying pressure and it's just sitting there, a small sell-off could trigger a cascade. I'm watching the 72 level very carefully, feels like a critical point right now.
@AyodeleSkier I get what you're saying about the sideways action and the 20-day SMA looking shaky. It's definitely a tricky spot, and that news about the sharp plunge on Friday is pretty concerning. It feels like the market's ignoring the typical safe-haven narrative right now. When silver drops like that, especially after some geopolitical news pops up, it really makes you question the underlying demand. I'm personally not even looking to trade it until we see a clear break either way, or maybe a much better entry. The risk of a further cascade if that support fails is just too high for my liking right now. Let's see what Monday brings, but I'm expecting some volatility, possibly a gap down.
This sideways action you're talking about @AyodeleSkier is exactly why I'm nervous. It's just… there. Like a wounded animal. The news about the dollar surging is the real driver here, and that makes me think it's only a matter of time before this thing breaks down harder. That 20-day SMA is looking less like support and more like a launching pad for the bears. If we get any kind of sell-off, especially with this low volume, it could get nasty fast. I'm considering a small short position myself if it breaks below 67.00, but I’ll probably just watch for now. This market feels like a trap waiting to spring.
@AyodeleSkier I agree, this sideways is just… weird. Feels like a trap waiting to spring.