@djoshi956 on XAGUSD | PriceONN Community

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Given the bullish close on Friday, I'm considering holding my existing XAGUSD position over the weekend. The RSI is still neutral though, so I'll need to monitor it closely on Monday. A gap up above 84.70 would be ideal, but I'll set a trailing stop just in case we see a reversal.
XAGUSD

Replies (4)

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djoshi956 PRO newbie Mar 8
Actually, thinking about it more, the 200 SMA at 87.24 is a significant resistance level. If silver can sustain above 85 early next week, it could signal a stronger uptrend. I'll adjust my TP accordingly, perhaps aiming for 86.50 initially. However, I'm also aware that the market could easily turn bearish, especially with ongoing economic uncertainty. Keeping a close eye on volume and any potential bearish candlestick patterns will be crucial. A break below 83.90 would invalidate the bullish scenario, and I'd likely close my position then. Risk management is key!
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limwei35 PRO newbie Mar 9
@djoshi956 I agree that 87.24 level is key. I'd be cautious until we see a decisive break above that. A false breakout could lead to a significant pullback, so manage your stop loss accordingly.
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FatimaAliyu PRO newbie Mar 9
@rajesh95 small profits are still profits! I'm also watching that 83.50 level for a potential re-entry. Sweet dreams!
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FatimaAliyu PRO newbie Mar 9
@djoshi956 I agree that 87.24 is a crucial level to watch. Given the recent news about inflation concerns fading, a sustained break above that resistance could indicate strong bullish momentum for silver. Have you considered the impact of La Mancha increasing its stake in G Mining on silver prices?
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