@shantidevi on XAGUSD | PriceONN Community
What are people's expectations for XAGUSD for next week? Anyone anticipating a gap open on Monday?
Replies
J
Hey @shantidevi, good question about next week's XAGUSD. This past week's action was brutal, that plunge on Friday wiped out a lot of gains and honestly, feels like it's overdone to me. I saw that news about silver dropping over 6% in a day, and yeah, that's wild. It's testing some serious lows now. I'm wondering if that will cause a gap down on Monday open or if we'll see some buying pressure creep in. I've got a small short from higher up, but I'm really on the fence about holding it through the weekend. The RSI is looking pretty oversold on the daily, but that doesn't mean much when sentiment is this bearish. I'm watching 65 area very closely, feels like a big psychological level. If we break that, who knows where it stops.
A
Hey @jthomas628, I agree with you on the XAGUSD action feeling overdone. Friday's drop looked like a classic liquidity grab before a potential reversal, especially with that industrial demand news. Hoping it holds.
Hey @shantidevi, that Friday drop was something else. I was watching XAGUSD like a hawk and it just kept falling after the dollar started strengthening. It definitely felt like a liquidity grab, especially seeing it slice through those lower support levels. I'm not sure about a gap open though, feels like we might consolidate or even dip a bit more before any major move next week. The fact that the RSI is still hanging around 43 suggests there's still some selling pressure left. I'm holding off on any new positions until Monday's open really clarifies things. It’s too risky to guess right now.