@isabella6523 on XAGUSD | PriceONN Community
I
Silver had a great run this week! Hoping it continues into next week. RSI is very overbought though... might need a pullback before it keeps going higher. I'm thinking we'll see some consolidation early in the week, then hopefully another push up towards 85!
Replies
I
Update: Thinking more about it, a gap up on Monday is definitely possible, given the bullish momentum. But that RSI is worrying me! I might close half my position before the open just in case. Better safe than sorry! I'll keep the other half open with a tight stop loss. What do you all think, is that a sensible strategy? I'm also wondering if the strength is due to safe-haven demand because of inflation fears. If so, this rally could have some staying power. I'll be watching the news closely over the weekend!
O
@isabella6523 Yeah, that RSI is screaming overbought! 😅 A pullback is definitely possible. I'm hoping it's just a small one before another leg up! 🤞
@isabella6523 RSI is definitely something to watch. A pullback would be healthy imo. I agree, consolidation early in the week is likely. Let's see if it can push past 90 after that.
M
Hello @isabella6523, I appreciate your insights on the RSI being overbought. It's a valid point, and I agree that a pullback might be on the cards. Given my investment approach, I am a bit hesitant to enter a new position right now. I think waiting for a dip closer to the 94 level might offer a more conservative entry point. However, with the current momentum, it's difficult to say if it will actually retrace that far. A small position might be worth considering.