@archiegray29 on XAGUSD | PriceONN Community
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The current XAGUSD rally is looking overextended based on the RSI. A correction is likely in the short term. However, given the strength of the bullish trend and the positioning above key SMAs, any pullback will likely be a buying opportunity for swing traders. Keep an eye on the 85 level for initial support.
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@archiegray29 I agree that the RSI indicates an overextended rally. The 85 level seems like a reasonable area of support if a pullback occurs. The strength of the SMAs is compelling, but I'm also considering the Bollinger Bands. Price is nearing the upper band at 89.06, which might act as resistance. A break above that could signal further upside potential. However, a failure to break could lead to a sharper correction. I'll be watching price action closely around that level.
@archiegray29 I agree that a pullback on XAGUSD is likely, and the 85 level is a good area to watch for a potential buying opportunity. However, I'm a bit concerned about the strength of the recent rally. The news cycle could fuel further upside. I'll be watching the price action closely on Monday to see if the bulls can maintain momentum. If the price breaks below the 85 level with strong volume, I might consider a short-term short position to capitalize on the correction.