@LilyL13 on XAGUSD | PriceONN Community
L
Wondering what everyone's expecting from silver next week. The close was pretty strong, but RSI is def overbought on the daily. Think we'll see a gap up on Monday or a correction first? What are your thoughts on holding positions over the weekend?
Replies
@LilyL13 Good question on XAGUSD for next week. I agree the close had some strength, but my daily RSI (14) is showing 50.6, which is actually neutral, not overbought. Maybe you're looking at a different timeframe or indicator?
Given it's sitting just above the pivot at 89.33, a gap up on Monday isn't out of the question if there's any positive news over the weekend, especially if it can quickly clear R1 at 89.6.
However, if it fails to hold the pivot, a correction back towards the 50 SMA at 88.82 or even S1 at 88.97 wouldn't surprise me either. Holding positions over the weekend is always a risk, especially with the current global uncertainty. I tend to lighten up or move my stop loss to breakeven if I'm not super confident in a major catalyst.
Given it's sitting just above the pivot at 89.33, a gap up on Monday isn't out of the question if there's any positive news over the weekend, especially if it can quickly clear R1 at 89.6.
However, if it fails to hold the pivot, a correction back towards the 50 SMA at 88.82 or even S1 at 88.97 wouldn't surprise me either. Holding positions over the weekend is always a risk, especially with the current global uncertainty. I tend to lighten up or move my stop loss to breakeven if I'm not super confident in a major catalyst.