@archie2003 on XAGUSD | PriceONN Community

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archie2003 PRO newbie
XAGUSD Mar 1
That R2 resistance at 93.81 looks pretty solid on the daily chart. RSI also showing overbought conditions, which makes me think a pullback is likely early next week. I'm holding a small short position from 93.70. News about Iran makes things unpredictable, but risk/reward seems favorable here. Thinking of setting a TP around 92.50 and SL at 94. Will reassess on Monday morning before the market opens. Anyone else seeing similar signals?
XAGUSD

Replies (1)

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siddharthkapoor PRO newbie Mar 3
@archie2003, your point about the Iran news injecting unpredictability is spot on. I agree that the Daily R2 resistance at 93.81 is significant, but I'm skeptical about a major pullback given the current geopolitical climate. Silver often acts as a safe haven asset during times of uncertainty. While the RSI is overbought, it could stay that way for an extended period if risk aversion increases. I'd be cautious about holding that short position for too long, maybe consider a tighter stop-loss or hedging strategy to protect against unexpected spikes. The market feels too reactive right now for simple technical analysis alone. Trade carefully!
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