@hraza474 on XAGUSD | PriceONN Community
The current bullish momentum in XAGUSD is quite robust pushing past the R1 pivot point at 91.03. We are now testing the R2 resistance at 91.29 which suggests strong buying pressure. However, the RSI is nearing the overbought threshold at 69.9 warranting careful observation for potential pullbacks or consolidation phases. Maintaining positions requires a vigilant approach.
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Update: Following up on my earlier observation, the price action around the R2 pivot at 91.29 will be critical. A sustained break above this level could indicate further upside potential, possibly targeting the next psychological resistance around 92.50. However, if we see rejection here a retracement towards the R1 pivot (91.03) or even the upper Bollinger Band (92.38) could materialize. For long-term investors, these pullbacks could present opportune accumulation points. I am particularly interested in how this sustained strength in precious metals might influence the broader DeFi landscape, especially with tokenized assets. Diversifying exposure through such traditional assets, even for DeFi-focused portfolios, is a sound risk management strategy.