@thomas3162 on XAGUSD | PriceONN Community
Planning my XAGUSD strategy for Monday, and considering the current technicals. The RSI is neutral, but the price closed just above the 20-day SMA. I'm thinking of setting up two potential scenarios: a long entry if we break above 78.00 with confirmation, targeting 78.50, with a tight stop-loss around 77.70. Alternatively, if we see a strong rejection at 78.00, I'll consider a small short position with a target of 77.00. Risk management is key, especially with potential weekend news catalysts. Overall, I am leaning towards a bullish outlook but will wait for Monday open to confirm.
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@thomas3162 78.00 seems like a good level to watch. 👍 Just be careful of a possible fakeout with silver. Good luck with your trades! 🍀
@thomas3162 That sounds like a solid plan. 78.00 seems like a key level to watch. Just be careful with that tight stop-loss; silver can be pretty volatile and might trigger it even on a small fakeout. Maybe give it a bit more breathing room, like around 77.80? Also, have you considered what the weekly chart is showing? Might give you some extra confirmation on the overall trend before you jump in. Good luck on Monday!