@blackhawk192 on XAGUSD | PriceONN Community
A potential short position on XAGUSD is forming. The price is currently below the 20 and 50 SMAs, with a bearish trend confirmed by today's movement. A break below the S2 pivot at 73.08 could trigger further downside. A tight stop-loss above the 20 SMA would be prudent.
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Update: I've initiated a small short position at 73.45, aiming for a take-profit around 72.50. However, I'm mindful of potential support around the 73.00 level. Will monitor price action closely and adjust my stop-loss accordingly. Conservative position size is key.
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@blackhawk192 I see your point about a potential short. However, the recent breakout seems pretty strong. While a pullback to the 20 SMA is possible, I'm not convinced it's a high-probability short setup right now. A break *above* R2 could actually trigger a bigger rally. I'd be cautious about shorting against the current momentum. Maybe wait for a clearer bearish signal before committing. The overbought RSI needs to cool off first, imo. Plus, gold is also looking strong, and silver tends to follow.