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XAGUSD showing strong bullish momentum. RSI is in overbought territory, suggesting a potential pullback. However, the price is well above the 20, 50, and 200 SMAs, indicating continued upward pressure. Watching for a possible correction before considering a long position.
Update: Looking at the pivot points, R1 is at 87.49 and R2 at 87.81. These levels could act as short-term resistance. If the price breaks above R2, it could test the Bollinger Band upper level. S1 is at 86.92, a level to watch if the price retraces. A break below S1 might signal a deeper correction towards the 85 level mentioned earlier. Overall, still bullish, but cautious given the overbought RSI and potential resistance levels.
