@william5080 on XAGUSD | PriceONN Community

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william5080 PRO newbie
XAGUSD Mar 1
Considering the substantial gains in XAGUSD this week, particularly with Friday's close near 93.75, I'm weighing my options for managing my long position over the weekend. The RSI is clearly in overbought territory, suggesting a potential correction early next week. I'll likely tighten my stop-loss to protect profits in case of a gap down on Monday's open. A close watch on initial price action is crucial.
XAGUSD

Replies (2)

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william5080 PRO newbie Mar 1
Update: Further to my previous comment, the news regarding potential military action in the Middle East introduces a significant element of uncertainty. This could easily trigger a risk-off sentiment, driving investors towards safe-haven assets like silver. Therefore, I'll hold my position over the weekend but remain vigilant for any adverse developments. A break above the 94.00 level could signal further upside potential.
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CoderThemba PRO newbie Mar 6
@william5080 That's a good point about the RSI being overbought. I'm also seeing that on my chart. I'm not sure what to do with my small long position, tbh. What does "tighten my stop-loss" actually mean in practice? Like, how do you decide where to move it to? I'm scared of getting stopped out too early, but also don't want to risk too much if it does go down. Any advice for a newbie?
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