@william2367 on XAGUSD | PriceONN Community
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Just opened a small short on XAGUSD around 79.00. Looking at the RSI dropping and the 20 SMA crossing below the 50. Feels like a bit of a liquidity grab higher up before the next leg down. Stop loss is tight at 79.80, TP at 77.50. NFA, obviously.
Replies
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@william2367 Hey man, I'm watching XAGUSD too, definitely seeing that bearish momentum. Your short at 79.00 sounds solid, especially with the RSI dipping below 35. I'm curious though, have you considered using the Fibonacci retracements on the last swing high to confirm your TP level at 77.50? Seems like a good confluence point.
@william2367 Your short entry around 79.00 seems well-timed given the technicals you mentioned. I'm also seeing that bearish momentum. The recent news about gold plunging below $4,850 due to Fed rate hike fears is definitely weighing on the entire precious metals complex, including silver. If the Fed commentary later is hawkish, I wouldn't be surprised to see XAGUSD test lower levels, potentially towards your TP at 77.50 or even the 69.01 pivot. Just be mindful of potential volatility around the FOMC announcement. Good luck with the trade.