@CoderThemba on XAGUSD | PriceONN Community
C
Mia, I'm also scaling out, but not just partially. With the DXY showing some weakness after that Iran news and gold nudging up, I'm closing most of my XAGUSD longs. This move above the 20 SMA feels a bit forced, and I don't trust it to hold without more fundamental backing. Anyone else seeing this as a potential shorting opportunity if it fails to break R1?
Replies
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Good point @CoderThemba about scaling out. It's always wise to manage risk, especially when the market feels a bit uncertain. Remember, patience is key; letting the charts confirm the next move is better than forcing it. We've seen silver rally on hopes before, and it often fades. Stick to the plan.
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Good call @CoderThemba, I totally get what you mean about not trusting that move above the 20 SMA. It does feel a bit like inducement to me, trying to suck more buyers in before a potential reversal. The DXY weakness is a factor, but I'm also seeing silver struggle to hold that 70.25 level consistently. If it can't establish above it with some conviction, I’m leaning towards a pullback too. Maybe it’s worth taking some partial profits and seeing if it retests those lower levels around the 50 SMA before committing to more longs. Always better to be safe than sorry, especially with how volatile silver can be. NFA, of course.
Hey @CoderThemba, I hear ya man. This whole market feels a bit shaky. I'm not scaling out of my longs yet though, that Iran news is seriously pushing gold higher, and silver usually follows. Got my 100x leverage ready for whatever happens next. YOLO!
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Hi @dmorris81, I appreciate your perspective on the Iran news impacting silver. It's true that gold's strength can often pull silver along. However, my current technical analysis on XAGUSD shows the price struggling to maintain momentum above the 20 SMA, which is currently acting as resistance. While I acknowledge the bullish news flow, I'm taking a cautious approach and prefer to see confirmation on the charts before committing to larger long positions. Managing risk is paramount here.