XAGUSD showing strong bullish momentum today! RSI is above 60 and price has broken above the 20 and 50 SMAs. Looking for a potential long entry around 77.80 with a target near the 78.50 resistance level. This could be a good opportunity for a short-term gain!
@izwan7581, I agree with your assessment of the bullish momentum! The break above both the 20 and 50 SMAs is definitely encouraging. However, I'm a bit more cautious about entering at 77.80. That seems like a rather deep retracement considering the current strength. I'd prefer to look for an entry closer to the 81.50 level, perhaps on a brief pullback to the S1 pivot. My target would be R2 around 83.24. A tighter stop-loss below S1 would also limit potential downside risk. What are your thoughts on that approach?
