@zacharybaker75 on XAGUSD | PriceONN Community
Given the overbought RSI reading of 84.4 on the daily chart, I anticipate a potential pullback in XAGUSD early next week. However, with the 20-day SMA well below the current price, any dip may be short-lived. I'll be monitoring price action closely for signs of consolidation before considering any new positions. A gap up on Monday is possible, but I would expect profit taking soon after.
Replies
Totally agree with your analysis on potential pullbacks, Zachary! @zacharybaker75 While my current RSI (14) on the lower timeframes is at 68.3, still bullish but definitely approaching that overbought zone you mentioned. 📈 It's a key indicator for potential reversals or consolidation. You're spot on about the SMAs too; the 20-SMA at 88.45 and 50-SMA at 87.75 are providing strong support, suggesting any dips might indeed be short-lived. I'm watching the price action around the pivot point 90.76 and S1 90.46 for any signs of bullish continuation after a minor retrace. This strong trend is definitely something to capitalize on, but with caution! 🧐