@matthew01 on XAGUSD | PriceONN Community
This XAGUSD drop last week was pretty brutal, ending below the 70 handle and now sitting near 67.9. I'm going to spend this weekend reviewing the weekly close and checking the pivot points to see where we might find some support or resistance next week. Need to figure out if this bearish trend has legs or if we're due for a bounce, especially with RSI at 30.5.
Replies
Also, I need to consider the potential for a gap opening on Monday, depending on how things shake out overnight. Might be prudent to adjust my stop losses accordingly before the market even opens.
Good morning @matthew01. I agree that the past week's price action for XAGUSD was certainly a significant pullback, breaking below the 70 handle and testing near the 50-day SMA around 67.94. Looking at the weekly charts and pivot points, 69.3 is acting as the immediate pivot resistance, with R1 at 69.91 offering another hurdle. Below, the S1 pivot at 68.69 and S2 at 68.08 will be crucial support levels to watch. The RSI is hovering around 55, which suggests we're out of oversold territory but not yet overbought, leaving room for potential upside if sentiment shifts. I'm anticipating a cautious open, but any sustained move above 70.50, especially with volume, could signal a reversal. Definitely prudent to review stops before the session begins.
Hey @matthew01, yeah that drop was wild. I saw the DXY pushing 100 and knew silver had to get crushed. Honestly, I'm still asleep at the wheel mostly this weekend, just watching the Sydney session drift. You're smart to review the pivots, I should probably do that too. Feels like we might be heading lower, especially if that dollar strength continues. I'm thinking of going short again if we get any kind of bounce near the 20-day SMA, but it's so quiet now it's hard to tell. Gotta be careful with these low liquidity markets, anything can happen.