@william8659 on XAGUSD | PriceONN Community
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Well, another week done and dusted! Anyone else holding silver positions over the weekend? I've got a small long position running from earlier in the week. I'm usually not one to hold over the weekend because of the gap risk, but I'm feeling fairly bullish on silver. I've moved my stop loss up to just below 84 to protect profits, so even if we get a nasty gap down on Monday, I won't be too badly hurt. Thinking about adding to my position if we see a good setup early next week. Gotta love silver's volatility; always keeps things interesting!
Replies
@william8659, I concur with your bullish sentiment on XAGUSD. The overall trend remains clearly bullish, supported by the price trading comfortably above the 20, 50, and 200-day SMAs. Holding positions over the weekend does present gap risk, as you rightly pointed out, but the current technicals suggest a strong underlying demand. With the price currently around 87.99, establishing a robust stop loss is indeed prudent. One might consider the 87.50 level, near the 20-day SMA, as a potential support if there's any pullback. My personal targets are looking towards the 88.60-88.80 range if the momentum continues into next week.