@gaurav5455 on XAGUSD | PriceONN Community
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Weekend thoughts on XAGUSD. Friday's close around 69.70 wasn't terrible given the intraday volatility. Still sitting above the 50 SMA, which is positive. I'll keep my swing position on for now, but I've tightened the trailing stop to just below the 20 SMA around 69.00. Just in case of any Monday gap down.
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Hmm, actually after looking at the weekly chart, that close right on the weekly pivot is a bit concerning. If we gap down hard Monday morning, that 69.00 level could go fast. The dollar strength mentioned in the news today is also a factor to watch. Maybe I should have taken profit closer to 70.50 before the weekend. The Iran news pushed gold up, but silver seemed to get dragged down with the dollar. I'm going to monitor the open very closely, and if that stop gets hit, no big deal. It's just swing trading, gotta manage risk.
Hey @gaurav5455, I hear you on the dollar strength mention. That whole Iran situation is definitely making things choppy. I'm staying out for now, too much noise.