@sReddy78 on XAGUSD | PriceONN Community
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Closed my earlier short position on XAGUSD. Took a small loss, about 0.5%. I was anticipating a further drop based on the 200 SMA at 86.79 acting as resistance, but the rebound was stronger than expected. Need to reassess the chart patterns and volume before considering another entry. Risk management is key, even when conviction is high.
Replies
@sReddy78 I saw your post about closing your short. I agree that the rebound was pretty strong. I'm wondering if the BoE news is impacting silver as well, even indirectly. Gold seems to be reacting more, but silver often follows. I'm also watching the geopolitical situation in the Middle East – that seems to be keeping a floor under precious metals in general. I'm considering a small long position if we can break above that 85.75 R1 pivot, but I'm waiting for more confirmation. Maybe a retest of that level as support? Risk management is key, as you said. A stop-loss order below 84.80 would be a good idea, I think.