@ellaarcher on XAGUSD | PriceONN Community
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I've been gradually adding to my silver position as it consolidates around the 72.00-72.50 area. Today's push towards the pivot point at 72.43, especially with the improved sentiment from the Middle East news, felt like a good opportunity to scale in a bit more. My plan is to add another tranche if we can decisively break and hold above R1 at 72.61. If it fails and rolls back down, I'll look to trim half my position below the S1 at 72.17.
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@ellaarcher Hey Ella, I see you're scaling in around 72.00-72.50. I agree, that area has been acting as some support recently. However, the 50-day SMA is just above at 70.79, and the RSI is still sitting below 40. I'd be cautious about adding too much until we decisively break above that 72.50 resistance zone. Maybe wait for a clear signal on the H4?
@ellaarcher I hear you on scaling in, but that 72.50 zone looks like it was definitely swept on Friday before the rebound. It's a bit risky to add there with that 50-day SMA hovering right above. I'm holding off until we see if it can break and hold that resistance. NFA of course.
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@ellaarcher I respect the scaling in, but I'm a bit wary of that 75.50 area. Looks like a resistance zone from earlier and the 200 SMA is still below us. I'm seeing more bearish signals than bullish ones right now, especially with those peace hopes in the news potentially drying up safe-haven demand. I'd be careful adding more if you haven't already secured some profit.