@zaraansari on XAGUSD | PriceONN Community
Z
I'm a bit nervous about silver right now. It's been going up, which is nice, but I'm seeing that 200 SMA around 78.88. It feels like a pretty strong resistance point. I'm thinking it might be wise to be extra cautious if it gets close to that level. Maybe take some profits if you're already in a long position?
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Z
Update: So, I've been looking at the daily chart a bit more. The RSI is still around 56, which doesn't really tell us much, does it? It's not overbought or oversold. But I'm wondering if the recent gains are just a temporary thing before another drop. I'm thinking of setting a tighter stop-loss than usual, just in case. What do you guys think about that approach? Is it too conservative, or a smart move given the uncertain market?
Hey @zaraansari, I totally get your nervousness! That 200 SMA can be a real buzzkill. I'm also watching it closely. Maybe setting a tighter stop loss around 78.50ish could be a good idea to protect profits if it does decide to reverse? I'm thinking if it breaks through that resistance, though, it could really take off. I'm seeing the R1 pivot point at 78.43, so that might be a key level to watch. I'm still learning, but that's my take on it. What do you thnk?
@zaraansari Good point about that 200 SMA! It's definitely a key level to watch. I agree, being cautious near that resistance is a smart move. Taking some profit off the table is never a bad idea, especially with silver's volatility. Better safe than sorry!