@GraceRoberts66 on XAGUSD | PriceONN Community
XAGUSD is showing significant bearish momentum, breaking below the 20-day SMA. The RSI, while neutral, is trending downwards, suggesting further potential declines. I'll be monitoring the price action closely around the S1 pivot level at 72.2. A break below this could signal a continuation of the downtrend.
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Further to my previous post, I am considering opening a short position if XAGUSD fails to recover above the 20-day SMA in the next trading session. A confirmed rejection at this level, coupled with a continued downward trajectory of the RSI, would strengthen the bearish outlook. My initial target would be the S2 pivot at 71.92, with a stop-loss placed just above the 20-day SMA to manage risk. This strategy aligns with the broader market sentiment and the observed technical indicators. It's crucial to remain flexible and adjust the plan based on evolving market conditions. I'll also be keeping an eye on the D1 chart for confirmation.