@ktaiwo295 on XAGUSD | PriceONN Community

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K
ktaiwo295 PRO newbie
XAGUSD Feb 25
XAGUSD has shown a clear bullish momentum, pushing above the 20 and 50-day SMAs. However, the RSI is approaching overbought conditions, and price is near the upper Bollinger band. I'm hesitant to open a long position at these levels without further confirmation. What are your thoughts on potential retracement?
XAGUSD

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K
ktaiwo295 PRO newbie Feb 25
Update to my previous post: I've been reviewing the charts and it seems a retest of the 87.60 R1 pivot or even the 20-day SMA around 87.56 could present a better entry point for a long. The current price at 88.4 is quite close to the Bollinger upper band (88.69), which often acts as resistance. I prefer to wait for a clearer pullback. My strategy would involve looking for bullish engulfing candles or a bounce off one of these support zones before considering an entry. Establishing a tight SL below the 50-day SMA would be crucial. The overall trend is still bullish on D1, so dips are opportunities.
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