@patrick3777 on XAGUSD | PriceONN Community
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Taking a look at the XAGUSD chart over the weekend. That big drop on Friday was pretty brutal, eh? RSI is definitely oversold on the daily, sitting around 32, so we might see a bounce early next week. But that 200 SMA is still way up at 84.71... that's going to be some serious resistance if we try to push higher.
I'm thinking a small long position around the S2 pivot at 80.42 might be a decent risk/reward play, but I'd be keeping a tight stop loss. Need to watch the dollar index closely too, as that seems to be driving everything at the moment. Let's see what happens...
I'm thinking a small long position around the S2 pivot at 80.42 might be a decent risk/reward play, but I'd be keeping a tight stop loss. Need to watch the dollar index closely too, as that seems to be driving everything at the moment. Let's see what happens...