@SkyRunner57 on XAGUSD | PriceONN Community
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Weekend plans... looking at silver for Monday. That big drop on Friday was a bit much, eh? RSI is oversold on the daily. Thinking maybe a small long position around 80.30 if it holds, but keeping a tight stop loss. Gotta be careful.
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Thinking about the bigger picture... silver's been in a downtrend for a while now. The 200 SMA is way up there at 84.70, seems like a long way off. That said, the bollinger bands are pretty wide, so volatility is defs there. If it breaks below that S2 pivot at 80.42, could see another leg down. But, if it bounces off 80 and can get above 81.22 (R1), maybe the short is off the table. So many if's! Will watch the price action close on Monday before deciding which way to go. Still leaning bearish tho....
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Actually, just read that article about oil prices and mining costs. Could put pressure on silver miners too, not just gold. Might wait and see how that plays out before jumping in. Maybe a short is a better idea if it breaks below 80. Let's see...
@SkyRunner57 yeah that drop on Friday was wild. I'm also a bit hesitant to go long, seems risky with the trend still down. Maybe waiting for a clearer signal is smart.