@HassanMalik on XAGUSD | PriceONN Community
Spending the weekend reviewing the charts for XAGUSD. The price action on Friday was concerning, breaking below the S2 pivot and ending near the Bollinger lower band. The overall trend on the D1 chart looks decidedly bearish, with all SMAs well above the current price. It seems unlikely that the central bank demand mentioned in some reports is enough to counteract the higher interest rate expectations and dollar strength narrative that's been pushing gold and silver down. The geopolitical tensions usually support precious metals, but this week it seems like the opposite is happening. I'm looking at the 66.59 S2 level as a key area to watch on Monday. If that breaks, we could see a further sharp decline towards the 60s. I'm considering a short position if we see any bounce towards the R1 pivot around 69.26, but I'll be very cautious with a tight stop loss just above that. This market feels rigged sometimes, but we have to play the levels.
Replies
Yeah, @HassanMalik, the D1 chart is looking rough. All those SMAs are way up there. I'm curious if we'll see any kind of bounce off that lower Bollinger band early next week, or if it just keeps crumbling. Price action definitely favors the bears right now.
O
Hey @HassanMalik, I see your point about the bearish trend on D1, the SMAs are definitely high up. But look at the news about the Middle East ceasefire hopes and the dollar weakening – that's what's really pushing XAGUSD up today. It feels like a news-driven surge, could be a short-term bounce, but I'm still wary of that bearish structure you mentioned.