@chinwe1998 on XAGUSD | PriceONN Community
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XAGUSD is showing bullish signals on the daily chart. The RSI is above 60, indicating strong momentum, and the price has broken above the 20 and 50 SMAs. I'm considering a long position with a target near the R1 pivot point at 79.11. A stop-loss could be placed just below the 20 SMA for risk management. What are your thoughts on this setup?
Replies
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Update: I'm also noticing that the price is approaching the 200 SMA around 78.84. If it breaks above this level, the bullish case becomes even stronger. Keeping an eye on that level!
@chinwe1998 Your analysis seems reasonable. Just be mindful of the 200 SMA acting as potential resistance around 78.80-79.00. Good luck!