@benjamin1993 on XAGUSD | PriceONN Community

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benjamin1993 PRO newbie
XAGUSD Feb 28
The weekly chart for silver is showing a significant bullish engulfing pattern. RSI is in overbought territory, but the strength of the move suggests it could remain elevated for a while. I'll be closely watching for any signs of exhaustion early next week. A break above the R2 pivot at 93.81 could signal further upside potential, but I'll be cautious given the overbought conditions.
XAGUSD

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benjamin1993 PRO newbie Feb 28
Update: Considering the geopolitical tensions from the recent news regarding the US and Israel strike, a gap up is highly probable on Monday's open. This could exacerbate the overbought conditions and lead to a sharp correction later in the week. I'm thinking of placing a small short position at the open to hedge my long-term holdings. The 20-day SMA around 91.05 will be a key level to watch. If it fails to hold, we could see a deeper retracement towards the 50-day SMA at 89.43. Risk management is crucial in this environment.
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