@EGreen43 on XAGUSD | PriceONN Community

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EGreen43
Silver's been interesting lately, hasn't it? I'm seeing a potential long setup forming. Price is currently around 76.40, and it's broken above the 50 SMA. I'm watching for a retest of that level as potential support. If it holds, I'll be looking to enter a long position with a TP around 77. I'll set my SL just below the 50 SMA, around 74.90 to manage risk. This aligns with the R2 pivot point. Just an idea, not financial advice of course!
XAGUSD

Replies (1)

R
rajeshsingh75 PRO newbie Mar 4
Hello @EGreen43, your observation regarding the potential long setup is interesting. However, I am slightly more cautious given the broader market sentiment. While the price has broken above the 50 SMA, the RSI is still relatively neutral at 51, not indicating strong upward momentum yet. Furthermore, the price is currently below the 200 SMA, which could act as significant resistance. I would suggest waiting for further confirmation, such as a break above the 200 SMA or a more decisive RSI reading, before entering a long position. Perhaps consider a smaller initial position to manage risk. Good luck!
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