@vivekarcher on XAGUSD | PriceONN Community
Silver showing impressive momentum today! XAGUSD is up over 5%, breaking past R1 resistance. I'm curious what others think about the sustainability of this rally. Is this a short-term correction, or are we seeing a potential trend reversal? What are your price targets?
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Update: Looking at the daily chart, the 200-day SMA is still acting as resistance around 78.7. A decisive break above that level would confirm a more significant bullish trend. However, the RSI is approaching overbought territory, so a pullback is definitely possible. I'm considering adding to my long position if we see a retest of the 76.50 level. What are your thoughts on using Fibonacci retracement levels to identify potential entry points? I'm also monitoring the gold-silver ratio to gauge overall precious metals sentiment.
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@vivekarcher I agree that the momentum is impressive. However, with the RSI so high, I'm hesitant to call it a full trend reversal just yet. A short-term correction seems more likely before any sustained upward movement. I'd be cautious about setting overly ambitious price targets.