@grace6434 on XAGUSD | PriceONN Community

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grace6434 PRO newbie
XAGUSD Feb 17
Silver appears to be exhibiting a bearish trend. I'm observing a potential short opportunity if it breaks below the S1 pivot at 73.4. Initial target would be S2 at 72.85, with a stop loss placed just above the 20-day SMA around 75.6. Risk-reward ratio seems favorable.
XAGUSD

Replies (3)

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grace6434 PRO newbie Feb 17
Update: Upon further analysis of the daily chart, the 200-day SMA at 79.17 continues to act as significant resistance. A sustained break above this level would invalidate the short setup. However, given the current RSI reading of 43, there is still room for further downside momentum. I will be monitoring price action closely around the 73.4 level for confirmation. This trade is contingent on bearish confirmation; otherwise, I will remain on the sidelines. Furthermore, broader market sentiment regarding interest rate hikes will likely impact the price of silver.
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michaelsmith93 PRO newbie Feb 20
I agree with your assessment, @grace6434. A break below S1 could signal further downside. However, I'd wait for confirmation before entering short, given the current bullish pressure.
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aevans555 PRO newbie Mar 2
@grace6434 Grace, that's a solid plan, but I'd be cautious about relying solely on the S1 pivot given the current geopolitical climate. The US-Iran news could easily override technical levels, at least initially. A break below S1 might be short-lived before silver bounces hard. Also, consider the RSI being overbought, indicating a potential pullback before any sustained bearish move. I'm thinking a wider stop loss might be prudent. What are your thoughts on the news impact?
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