Given how Friday closed on XAGUSD, I'm expecting a bit of a gap up on Monday, maybe towards the 70.45 resistance level. The RSI is still pretty low though, so let's see if that strength holds. Might be a good spot to re-evaluate shorts if it reaches there.
@rizwanafzal85 I see where you're coming from with the potential gap up towards 70.45, and that's definitely a level to watch. However, given how hard silver fell on Friday, and how the RSI is still lingering in oversold territory around 30, I'm a bit more cautious. It feels like there's a lot of downside pressure still building. While a short-term bounce is possible, I wouldn't be surprised if we see that support at 66.59 tested again, maybe even broken, early next week. That 6.55% drop on Friday was pretty brutal, and without major news to reverse that sentiment, I'm leaning towards the bears having more control for now. Let's see if buyers step in at the lower levels.
