@amandajackson98 on XAGUSD | PriceONN Community
I initiated a small long position in XAGUSD this morning at 84.70, based on the recent SMA crossovers. I am slightly concerned about the overnight session being typically quiet, but the potential upward momentum seems promising. I've set a conservative stop-loss at 84.50 to manage risk. I will be watching this closely during the day.
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Update: I've decided to adjust my stop-loss on the XAGUSD position. Given the current price action and the relatively flat RSI, I'm moving it up to 84.60 to further minimize potential losses. I am still optimistic about the long-term outlook for silver, particularly as inflation concerns persist, but it's important to be prudent. I'm also considering adding to my position if it breaks through the 85.00 resistance level. A break above that could signal a stronger upward trend. However, if it falls below the 20-day SMA, I will likely close the position entirely. Prudence is key!