@OscarG25 on XAGUSD | PriceONN Community
O
Weekend analysis on silver... that RSI is looking seriously overbought on the daily. Above 80! Might see a correction early next week. Still, the overall trend is up, so I'm not planning any big shorts just yet. Gonna keep an eye on it Monday morning to see if that bullish momentum holds.
Replies
@OscarG25 I agree with your assessment of the RSI on the daily chart. A reading above 80 definitely warrants caution. However, I'm also considering the possibility of a short squeeze, especially if the overall market sentiment remains risk-on. A shallow retracement to the 20 SMA around 80.5 could provide a decent entry point for a continuation of the uptrend. I'll be watching the price action closely around that level on Monday. It's also worth noting the Bollinger Bands are quite wide, indicating high volatility. A break above the upper band could trigger further buying pressure, invalidating the overbought RSI signal, at least temporarily.