XAGUSD showing bullish momentum, but RSI nearing overbought territory. Watching for a potential pullback to the 77.80-78.00 range. A long position there, with a tight stop below 77.50, could offer a good risk/reward ratio. Targetting 78.80 initially, then potentially 79.20.
Update: Regarding my earlier XAGUSD long idea, I'm considering using a trailing stop to lock in profits as it moves higher. Currently, the 20-day SMA is acting as dynamic support. A break below that level (around 78.20) would invalidate the setup. Also, keeping an eye on the DXY; further dollar weakness could fuel additional upside. I'll be watching for confirmation signals on the H4 chart before adding to the position. Risk management is paramount here. Will update again later.
