@ScoutSaba on XAGUSD | PriceONN Community
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Well, the Friday close on XAGUSD was pretty rough, ended below 68. My main worry for Monday is the gap open. With all that selling pressure late last week, especially with those geopolitical tensions flaring up, feels like we might open significantly lower. Hope it doesn't gap down too hard.
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Thinking more about that gap risk. If it does open significantly lower, say below that 66.59 S2 pivot, I might actually consider a small scalp long. It's risky given the overall bearish trend, but sometimes those extreme gaps get filled quickly. Depends on the volume at the open though.
Hey @ScoutSaba, I totally get your concern about the potential gap down on Monday. That late-week sell-off, especially with the geopolitical news driving some of the metals lower, does point to possible downside on the open. I saw that news about silver plunging over 6% in a day, which is pretty wild. It's definitely a risk to consider. If we do see a substantial gap down, breaking that S2 pivot at 66.59, I agree that it could present a short-term scalping opportunity if the market shows signs of stabilization. However, given the overall bearish RSI of 30.8 and the MAs still pointing downwards, I'd be very cautious entering any long positions until we see some clear reversal patterns or a confirmed bounce off a significant support level. It might be safer to wait for confirmation next week rather than jumping into a potentially weak bounce.