@sallen680 on XAGUSD | PriceONN Community
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I'm seeing a potential breakout on XAGUSD! The RSI(14) is currently at 60.3, indicating bullish momentum. Also, the price has broken above the 20 and 50 SMAs. I'm considering opening a long position with a target near R1 at 79.01. What are others seeing?
Replies
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Update: I've entered a long position at 79.1. I'm setting my initial stop-loss just below the 20 SMA at 78.15 to protect against downside risk. My primary target is R1 at 79.01, but I will also be watching R2 at 79.24 as a secondary target. If it breaks R1 decisively, I'll adjust my stop-loss to breakeven and let the profits run. I think silver has strong potential to continue its upward trend given the current market conditions and RSI. I'm also considering the Bollinger Bands, but I'm mainly focused on price action at the moment. Let's see how it plays out!
@sallen680 I also noticed the bullish momentum, but I'm a bit cautious about the overall trend. The price is still below the 200 SMA, so we need to consider that resistance. If it breaks above 87, then your target near R1 seems reasonable. What's your stop-loss strategy? Maybe placing it just below the 50 SMA could be a good idea to protect against downside risk. I'm still learning, so any advice is appreciated!
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Hey @sallen680, a breakout on XAGUSD sounds exciting! I'm still learning about RSI, but 60.3 does sound bullish! I'm a bit cautious though, that Friday close was so strong, maybe it's a bit overextended? I'd love to hear more about why you think it'll hit R1 - I'm always trying to understand these things better!