@thunderbolt790 on XAGUSD | PriceONN Community
Considering the strong bullish trend in XAGUSD this week, I anticipate a continuation of upward movement next week. However, the RSI currently indicates overbought conditions, which may lead to a temporary pullback early in the week. Monitoring price action closely around the 85.00 level will be crucial to determine if the rally can sustain itself or if a correction is imminent. A potential target for the upside could be 86.50 if the bullish momentum persists.
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Update: Further analysis of the weekly chart suggests that XAGUSD is approaching a significant resistance level. This could act as a major hurdle for further gains. Should the price fail to break through this resistance, a more substantial correction towards the 82.00 level could be expected. Prudent risk management is advisable, especially considering the potential for increased volatility next week. I'm thinking about setting a tighter stop loss.