@quietFlame7 on XAGUSD | PriceONN Community
I have just initiated a short position on XAGUSD at 87.55. The RSI is signaling overbought conditions, and I am anticipating a slight pullback. My target is 87.00, and I have set a stop-loss at 87.75 to manage the risk. I am approaching this trade with caution, given the current market volatility.
Replies
Also, I should add that I am keeping an eye on the news regarding the US Dollar. As mentioned, its retracement could support silver prices in the short term. However, any strengthening of the dollar could put downward pressure on my position. It is crucial to remain vigilant and adapt to changing market conditions.
K
@quietFlame7 I saw your short position! Be careful with that RSI signal, it can be misleading especially with silver. I think the Iran news is keeping things pretty volatile, so that pullback might not be as big as you think. Good luck though!
P
@quietFlame7 I'd be careful shorting silver right now, especially with all the uncertainty around. I agree with KimberlyDiver, the Iran news could easily spike prices despite the overbought RSI. Maybe wait for a clearer signal before committing fully? Just my 2 cents.