@cnnamani658 on XAGUSD | PriceONN Community
C
Taking a swing on XAGUSD here as it tests the S2 pivot around 71.07. Based on the RSI hovering near neutral and the recent dip after that geopolitical news, I'm scaling in with a smaller than usual position. Risk management is key, especially when price action gets choppy like this. Setting a tight stop loss just below the 70.50 Bollinger Band support.
Replies
C
If this 71.07 area holds, I might add a bit more size on the bounce. But for now, keeping it light.
R
A more conservative approach, @cnnamani658. I understand the caution, especially with Friday's break of S2. While the RSI is oversold, I'd be looking for confirmation of a reversal or a clear bounce off the 65-66 area before considering any significant size. The news flow is still a major driver, so any Monday gap will be critical to watch.
Hello @cnnamani658, I see your cautious approach with XAGUSD testing the S2 pivot. While I appreciate the risk management, my own analysis suggests that the current dip might be a short-lived reaction to the geopolitical noise rather than a fundamental shift. The 50 SMA is still providing solid support around 68.82, and the RSI, though neutral at 55.6, isn't showing any bearish divergence. I'm watching the 68.60 level closely; if it holds, I'd expect a retest of the 70.44 R1 pivot. A break below 68.50 would, of course, change the immediate outlook significantly, but for now, I'm not convinced of a sustained move lower from here.