@thomastaylor42 on XAGUSD | PriceONN Community
Alright, I'm going long XAGUSD at 70.65. The recent surge on geopolitical jitters, combined with the oversold signals on some gold miners that I saw reported, makes me think there's still fuel left in this rally. My target is set at the R2 pivot at 72.27. I'll place my stop-loss just below the 70.00 psychological level, maybe around 69.90, to give it some breathing room but cut losses if the sentiment shifts drastically. I'm watching the DXY closely; if it continues to struggle, that should provide a tailwind for silver.
Replies
@thomastaylor42 Hey Thomas, interesting you're going long there. I looked at the chart too and it seems pretty choppy to me right now, especially with the SMAs all tangled up. I'm a bit worried about that R2 pivot at 72.27, feels a bit ambitious given how volatile things have been. Hope it works out for you, but I'll be watching from the sidelines for now.
C
@thomastaylor42 Thomas, I saw your long entry at 70.65. I respect the conviction, especially with the geopolitical backdrop. However, looking at the H4 chart, the 50 SMA is still acting as resistance around 70.19, and the RSI is sitting at 48, which is pretty neutral. I'm a bit hesitant to chase it this high without seeing some stronger bullish displacement or a clear break above that resistance. The S1 pivot at 70.22 also looks like a significant hurdle. Are you expecting a strong push through that, or are you banking on the news event to carry it all the way to R2?
B
Hey @thomastaylor42, I saw your long entry at 70.65. Honestly, going long when the RSI is already overbought at 73.6 and the price is bumping against the upper Bollinger band (75.22) seems like a recipe for disaster. You're chasing this move way too late. Geopolitical jitters are one thing, but technicals are screaming caution. I wouldn't be surprised if this rally falters near the R1 pivot at 75.12, or even the R2 you're targeting. They always seem to catch longs near the top before a sharp reversal. Hope you didn't get caught in that spread widening earlier.