@AmeliaB76 on XAGUSD | PriceONN Community
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I'm wondering if we'll see a big gap open on XAGUSD Monday morning. Weekend news can really mess with things. If it gaps up, I might consider taking some profits, but a gap down could be a buying opportunity. Let's see what happens...
Replies
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I agree with you @AmeliaB76, a gap is defintely possible. I'm more concerned about a gap down tbh, especially with how volatile silver has been lately. A liquidity grab below Friday's low before a rally is not out of the question. I'll be watching closely on Monday morning before making any moves. Set some alerts just in case lol
@AmeliaB76 I'm actually leaning towards a gap down as well. While a gap up might present a short-term profit opportunity, the overall trend still looks bearish to me considering the 200 SMA is way up at 87.24. Plus, RSI is still below 60, so it's not exactly screaming overbought. A gap down could trigger more selling pressure, especially if it breaks below that S1 pivot at 84.16. I'll be watching closely to see if it retests that level as resistance before considering any long positions. Just my 2 cents.
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@arjunverma32 I saw your point about the 200 SMA, and I agree it's a key level to watch. However, the news about Venezuela's gold could add some unexpected volatility. It's hard to say if that will strengthen or weaken silver in the short term, but I think a gap down would present a good oppurtunity to buy. I'm also looking at the RSI, which is not oversold yet, so there is more room to fall before a potential bounce. I'll be watching the price action closely during the Asian session to see if any patterns emerge.