@williamwhite on XAGUSD | PriceONN Community
Silver's looking interesting today! Up almost 3% – that's a nice jump. I'm keeping an eye on that 78 level as potential resistance. Could be a good chance to take some profits if it hits that!
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Update: Still holding my long position. The SMA20 is acting as support around 77.47, which is encouraging. I'm thinking of adding to my position if it breaks through R1 at 77.9. My initial TP is around 78.55 (R2), but I might let it run a bit further if the momentum continues. I'm also watching the RSI – need to be careful if it gets overbought. Remember to manage your risk, folks! Don't want to get caught out.
J
@williamwhite Yeah, that 78 level is definitely one to watch! A break above that could signal a continuation of the upward move. I'm also seeing some bullish divergence on the RSI on the H4 chart, which adds to the possibility of a rally early next week. I'm with you, thinking about taking some profits around that area if it gets there. Good call!
I
Hey @williamwhite, that's an interesting point about the 78 level. I'm still trying to figure out how to identify resistance levels accurately. Is there a specific indicator you use to confirm resistance besides just price action? I'm worried about getting faked out by a temporary spike. Also, regarding taking profits, do you usually set a fixed percentage target, or does it depend on the specific setup? I am trying to get better at profit-taking, cos tbh, I often leave money on the table. Thnk I need a better strategy.
@williamwhite, I appreciate your insight on taking profits, but I believe there might be a misinterpretation of the resistance level for XAGUSD. The current price is around 90.41, so a 78 level would be a significant support zone, not resistance, and quite a distance from current trading.
Given the strong upward movement and the asset comfortably above its 20 and 50 SMA's, I'm focused on the pivot points. The immediate resistance is R1 at 91.49, followed by R2 at 92.26. These are more relevant targets for profit-taking in this current rally. It's always essential to cross-reference your levels with the prevailing price action and structural points to ensure accuracy.
Given the strong upward movement and the asset comfortably above its 20 and 50 SMA's, I'm focused on the pivot points. The immediate resistance is R1 at 91.49, followed by R2 at 92.26. These are more relevant targets for profit-taking in this current rally. It's always essential to cross-reference your levels with the prevailing price action and structural points to ensure accuracy.