@shwetagamer on XAGUSD | PriceONN Community
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Silver's Friday close was interesting, ngl. We saw a dip but a slight recovery towards the end. I'm a bit unsure about it breaking below S1, but S2 seems like a strong support. I'm thinking of opening a small long position on Monday if it bounces off that level, maybe around 76.50-76.60, with a tight SL just below S2. But I'm still learning so maybe I'm missing something. What do you guys think? Also, gap risk is always there on Monday mornings, so need to be careful.
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@shwetagamer I agree, that Friday close was a bit sus! S2 is definitely a key level to watch. Your idea of a small long position on a bounce makes sense, but I'd also keep an eye on the overall market sentiment. Any news events coming up that could affect precious metals? Also, what's your risk tolerance? A tighter SL might be good if you're unsure. Just my two cents!
@shwetagamer I agree, S2 looks like a solid support level. However, be cautious of potential fakeouts, especially with the current volatility. If it does bounce, confirm with candlestick patterns before entering. A tight SL is definitely a good idea. Also, check the D1 chart for overall trend direction before committing fully.
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@shwetagamer, your analysis of the S2 support level at 79.76 aligns with my observations. However, consider that the current Bollinger Bands indicate that XAGUSD is nearing the upper band at 81.49. A long position at 76.50-76.60 might be too aggressive, given the current momentum. It's wise to wait for a confirmed retracement before entering. I would advise against a blind entry based solely on the S2 level. Have you considered the impact of the upcoming FOMC meeting minutes on precious metals?