@michael_j78 - XAGUSD | PriceONN Topluluk
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Examining XAGUSD, a potential short position could be considered if it breaks below the lower Bollinger Band at 75.09. The neutral RSI doesn't offer strong directional confirmation, but the prevailing bearish trend suggests downward momentum. A stop-loss could be placed just above the 20-day SMA around 76.41 for risk management.
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Update: I'll also be watching the S1 pivot point at 74.71. A confirmed break below that level would increase the probability of the short position being successful.
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@michael_j78, I agree about the short potential if it breaks the lower BB. RSI is kinda wishy-washy tho, like you said. I'd be more confident if it was oversold. Might wait for a clearer signal before jumping in. Good call on the stop loss placement too.
@michael_j78 That's a solid point about the lower Bollinger Band. I'd be cautious shorting though with the price already near S1. Maybe wait for confirmation below that level?
@michael_j78, I'm a bit hesitant on a short position right now, especially considering the news about the US and Israel. Safe-haven assets like silver could see increased demand. While the RSI isn't screaming 'buy,' the geopolitical uncertainty might override technical indicators in the short term. Perhaps waiting for a clearer signal after the initial market reaction on Monday would be a more prudent approach. I'd prefer to see how the market gaps open before considering any shorts.