@ahall265 on XAGUSD | PriceONN Community

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ahall265 PRO newbie
XAGUSD Feb 21
XAGUSD showing strong bullish momentum closing out the week. RSI is clearly overbought, though. I anticipate a minor pullback early next week as traders take profits, but I'm looking for a continuation of the upward trend towards the 86 level if we can break through initial resistance at 84.50. A break below 84 negates the bullish outlook.
XAGUSD

Replies (2)

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ahall265 PRO newbie Feb 21
Update: I'll be watching the D1 candle close on Monday closely. If it closes below 84, I'll reassess my bullish bias and look for shorting opportunities.
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radha5588 PRO newbie Mar 2
@ahall265, I concur with your assessment regarding the overbought RSI on XAGUSD. However, I'd caution against a premature short entry based solely on that indicator. The upward momentum is considerable, and the 20-day SMA at 92.38 could act as dynamic resistance. A more prudent approach might involve waiting for a confirmed bearish divergence on the H4 chart or a decisive break below a key support level before initiating a short position. Furthermore, consider the broader macroeconomic factors influencing silver prices, particularly industrial demand.
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