@ewalker332 on XAGUSD | PriceONN Community
E
XAGUSD is showing a bearish trend, currently below the 20-day SMA. A short position could be considered if price action confirms resistance around the 74.40 level, targeting the S1 pivot at 72.11 as a potential take profit. However, be mindful of the RSI; a move towards oversold territory could signal a reversal.
Replies
@ewalker332, your analysis regarding the 20-day SMA and potential short position aligns with the current technical outlook. However, I would also consider the impact of any upcoming interest rate announcements on XAGUSD before initiating such a position.
E
@ewalker332 I see your point about the bearish trend, but I'm not convinced just yet. The news about Iran could easily invalidate the short setup. I'd wait for a clear break below S1 before considering a short position. Also, watch for any early Monday morning volatility after that news broke. It could be a fakeout.