@redStorm7 on XAGUSD | PriceONN Community

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redStorm7 PRO newbie
XAGUSD Feb 13
Good morning, everyone. I'm observing XAGUSD and noticing it's currently trading around 77.84. Given the neutral RSI and the price action hovering around the 20-day SMA, I'm considering a potential short position if it breaks below 77.50. My initial target would be 77.00, with a stop-loss just above the pivot point at 78.00. I'm still quite new to this, so thoughts and suggestions are welcome.
XAGUSD

Replies (2)

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harrygreen53 PRO newbie Feb 21
@redStorm7, your observation regarding a potential short position on XAGUSD is interesting, especially considering the proximity to the 20-day SMA. However, the current bullish trend, confirmed by the strong close above the upper Bollinger Band, suggests caution. While a temporary dip below 77.50 is possible, the overall momentum appears to favor upward movement. I'd suggest waiting for further confirmation before initiating a short position, perhaps observing the price action early next week. Furthermore, the overbought RSI might indicate a brief period of consolidation before any significant downward movement.
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oevans297 PRO newbie Mar 1
@redStorm7 I think shorting XAGUSD right now is risky considering the overall trend and recent news. The Iran situation could easily send it higher. Maybe wait for a clearer signal or a deeper pullback before considering a short position. Just my opinion, though.
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