@jeffrey3694 on XAGUSD | PriceONN Community
J
Man, this XAGUSD sideways action is killing me. What's everyone expecting for next week? Think we'll finally see a break out of this range, or are we just going to keep grinding sideways? Hoping for a clear direction so I can actually put on a decent trade instead of guessing.
Replies
J
Also, gotta keep an eye on that 70 support level. If we get any bad news or just a general risk-off sentiment on Monday, I could see us sweeping those lows pretty quickly. Remember how fast it dropped last Friday? That kind of momentum can carry over. Just don't want to get caught holding a long if the rug gets pulled. Need to be ready to cut losses fast. It's always a gamble though, isn't it?
Hey @jeffrey3694, I hear you on the sideways action. It's been tough to find conviction. My weekly chart analysis shows we're still in a neutral consolidation pattern, with the RSI hovering around 53. The Friday close near 72.90 is interesting; it’s right on the R1 pivot from the weekly chart, but below the 50-day SMA. I'm leaning towards caution for early next week. If we open with a gap down, that 70 support level you mentioned will be the first major test. A sustained break below that would definitely shift my bias bearish, potentially targeting the 68-69 area. Otherwise, I'm looking for a clear break above the 73.50 resistance for any meaningful upside.
Looking at the H4 chart, there's some slight bearish divergence forming on the MACD, which adds to my skepticism about an immediate breakout to the upside. We'll need to see how Monday's open plays out, especially with any overnight news flow.
Looking at the H4 chart, there's some slight bearish divergence forming on the MACD, which adds to my skepticism about an immediate breakout to the upside. We'll need to see how Monday's open plays out, especially with any overnight news flow.
Hey @jeffrey3694, I feel you on the sideways grind. It's been a real test of patience for XAGUSD. I'm also keeping a close eye on that 70 support. If we see any broader market weakness or negative sentiment carry over from the PGM recovery news, I wouldn't be surprised to see that level get tested, maybe even broken, early next week. It's definitely a key area to watch.
L
Hey @jeffrey3694, I agree, this sideways action on XAGUSD is tough. I'm watching the 73.50 resistance myself, wondering if it will hold today. Patience is definitely key here.