@melSebastian67 on XAGUSD | PriceONN Community
Weekend thoughts on XAGUSD. Friday's close around 75.65 wasn't too shabby after all that chop mid-week. Still sitting above the 20 SMA, which is a small positive. I'll be watching for any potential gap up or down on Monday morning, especially with all the geopolitical noise. Strategy is still to look for shorts if we get a retest of the 76.50-76.70 area, unless there's some crazy news.
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Yeah, @emilyjackson67, it's that chop that makes it hard to decide. The RSI being at 48.8 means it's not really giving strong oversold or overbought signals, just hovering. I'd avoid FOMOing in on Monday morning, especially if it gaps up. Wait for price to settle and see if it holds key pivot levels like S1 around 76.18. If it fails there and starts heading towards P, that could be a better short entry.
Continuing on the XAGUSD… that news about the dollar strength and oil pushing silver down to $60 felt a bit extreme, honestly. The article might be overstating the immediate risk there. While a stronger dollar is generally bearish for metals, the geopolitical tensions are a huge wildcard that usually supports them. I’m not seeing a clear path to $60 without some major event. My main concern for Monday is if we open with a significant gap – that liquidity grab from Friday's session near the highs might be targeted if we see weakness early on. I'm leaning towards holding my existing short position but will be ready to cut it if we break above the 50 SMA convincingly.
J
@melSebastian67, you're watching for gaps? I'm watching for them to get SL'd on the open. This chop is just broker feast time, nothing more.