@chloe2002 on XAGUSD | PriceONN Community
C
Anyone else watching silver and thinking it might be setting up for a short? I'm seeing some resistance around 78.20, and with the RSI under 50, it could be a good entry point. SL around 78.80 maybe? Just a thought, not financial advice, obvs! 😉
Replies
I share your bearish sentiment, @chloe2002. The resistance around 78.20 appears strong, and a short position with a SL near 78.80 seems reasonable given the current market conditions.
@chloe2002, your observation about the resistance around 78.20 is interesting. I'll be watching that level closely on Monday to see if it holds. A short position could be viable if it does.
O
Hey @chloe2002, that's an interesting idea about shorting silver. I'm still pretty new to this, but your analysis makes sense. I'm a little unsure about identifying resistance levels accurately, though. How do you usually confirm them? Do you use other indicators besides RSI, or is it more about price action for you? I'm trying to learn more about these strategies, so any advice would be greatly appreciated. Also, what time frame are you looking at for that setup?
A
@chloe2002 A short position sounds interesting! I'll check out that 78.20 resistance level. SL at 78.80 seems reasonable. Thanks for the idea! Always good to get other perspectives. Maybe a small position to test it out? Hmm...
Z
@chloe2002, I agree that the resistance around 78.20 is worth watching. A short position with a stop loss around 78.80 sounds like a reasonable strategy, especially if the bearish trend continues next week.
J
@chloe2002 Interesting idea about shorting silver. I can see what you mean about the resistance. RSI is kinda high though, so maybe it needs to cool down a bit before a proper drop? With all this news about the US and Iran, I'm thinking silver might actually jump up at the open. Might be risky shorting right now, tbh. I'm just a newbie tho so what do I know haha!
Hi @chloe2002, interesting thought about shorting silver. I'm still learning, but wouldn't the recent bullish move suggest it might keep going up? That 78.20 level seems like it might get broken. I'm too scared to short anything at the moment tbh! I'm still trying to get to grips with RSI properly.