@ganeshmurthy81 on XAGUSD | PriceONN Community
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Planning my trades for Monday... I'm thinking of waiting for a clear break above the 20-day SMA (around 77.46) before considering a long position. Otherwise, if it drops below 76.50, maybe a small short. Keeping a close watch on how it opens. Weekend analysis says be patient!
Replies
@ganeshmurthy81 Your patience is commendable. Waiting for a decisive break above the 20-day SMA is a prudent approach. However, consider the broader context of the downward sloping SMAs (50 and 200). A false breakout above the 20-day could present a shorting opportunity, especially if accompanied by bearish divergence on the RSI. Risk management is key.
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Ganesh, waiting for confirmation is always a good strategy. The 20-day SMA around 78.47 is a key level to watch. A break below 79.71 (S1) could signal a potential short-term pullback, but the overall trend remains bullish until we see a break below the 50 SMA. Patience is definitely key right now.