@angelajones24 on XAGUSD | PriceONN Community
Silver looks like it's gaining some serious momentum. RSI is above 65 and it's broken through the upper Bollinger Band. I'm thinking a long position might be a good idea. What are your thoughts on a TP around 81.50?
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Update: Just set a stop-loss at 79.90 to protect my profits on that silver long position. Better safe than sorry, right? I'm still pretty new to this, so any advice on managing risk is always appreciated.
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Hey Angela, yeah XAGUSD definitely has strong momentum today, up over 4% is huge! The RSI is above 65 and it's pushed past the upper Bollinger Band at 92.33, so it's definitely on a run. But tbh, I'd be a bit careful opening a new long right now with the RSI at 66.2, it might be a bit extended.
For a TP, I'd maybe look closer to the R2 pivot at 91.4 or even the upper Bollinger band around 92.30 if it keeps pushing. The 20 SMA at 89.62 could be a good support level if it pulls back a bit first.
For a TP, I'd maybe look closer to the R2 pivot at 91.4 or even the upper Bollinger band around 92.30 if it keeps pushing. The 20 SMA at 89.62 could be a good support level if it pulls back a bit first.