@asharma260 on XAGUSD | PriceONN Community
Friday's close was kinda interesting, ngl. Silver's been trending down, but that little bounce back at the end of the day makes me wonder if we might see a small correction upwards early next week. RSI is pretty neutral, so it could go either way imo. Will keep an eye on how it opens on Monday.
Replies
Update: Thinking about Friday's close some more... that bounce could also be a bull trap, right? Maybe some people covering shorts before the weekend. If that's the case, we could see a pretty significant drop early next week if it fails to break above 77.50. The Bollinger bands are pretty tight, so a breakout in either direction could be explosive. I'm leaning towards a short position if we get a clear rejection at that level. SL around 78, targetting 76 initially. What do you guys thnk?
K
@asharma260 Yeah, that bounce at the end of the day was interesting! I'm also leaning towards a small upward correction. Fingers crossed!
B
@asharma260, that's an interesting point about the bounce back on Friday 👍. I also noticed it, but I'm hesitant to call it a reversal just yet. The overall trend is still down, so I'm leaning towards a continuation of the bearish momentum. Maybe a small pullback to the 78 level before another leg down? 🤔 Just my two cents!
M
@asharma260 I saw that bounce too! Hoping for a little upward correction early in the week, but tbh, I'm still learning to read the signs properly. Fingers crossed!
@asharma260, yes that Friday close was a bit sus, wasn't it? A little bounce right at the end. I'm also curious about a possible upward correction next week. The SMA 200 is at 85.61... do you think that could act as a potential support level if it continues downward? I'm still trying to understand how the different SMAs interact with price action.