@aevans555 on XAGUSD | PriceONN Community
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Weekend analysis time... silver looks pretty good on the weekly, closed above the 50 SMA. RSI is still neutral though, so not screaming 'buy' just yet. I'm wondering if this Middle East news is just a temporary boost or if it's the start of something bigger. Need to watch for a breakout above 85 next week to confirm the bullish move.
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Oh and also, I'm looking at the Bollinger Bands... price is testing the upper band, which could signal a potential pullback. But if it breaks through convincingly, that's a strong buy signal. I'm also considering hedging my position with some options just in case things get choppy. Thinking of buying some puts to protect against a sudden drop. Gotta manage risk, especially with all this geopolitical uncertainty. Plus, that Venezuela gold deal could add some downward pressure if it increases supply. Let's see what happens...
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@aevans555 Good point about the Bollinger Bands. A convincing break above the upper band would definitely be a strong signal. The Hungary news might give it a push.
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@aevans555 I agree about the Bollinger Bands. A solid break above the upper band around 87.2 could signal a strong continuation. However, the RSI is already near overbought territory, so a pullback is also possible. I'm watching the price action closely for confirmation before entering a trade. Don't want to get cought in a bull trap.
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@aevans555 Amelia, your weekend analysis is insightful. I concur that the RSI being neutral is a key consideration. While the market sentiment may seem bullish due to the recent gains, a neutral RSI suggests that the upward momentum may not be sustainable in the short term. Also, the geopolitical tensions introduce a layer of uncertainty. It would be prudent to wait for a clearer signal, perhaps a decisive breakout above the upper Bollinger Band, before committing to a long position. A potential pullback around 87.5 should also be considered.
@aevans555 That's a good point about the Bollinger Bands! I'm in a long position now from earlier this morning, and I just moved my stop loss to breakeven. Gotta protect those profits, right? 😅 Hoping this Middle East situation keeps giving silver a boost. 🚀