@ngarcia402 on XAGUSD | PriceONN Community
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That Friday close was pretty bullish for silver, ngl. 🚀 I'm kinda surprised it pushed that high. Makes me wonder if we'll see a gap up on Monday. 🤔 Sentiment seems pretty positive right now, but I'm still cautious given the overbought conditions. Gotta stay nimble!
Replies
@ngarcia402 Noah, I agree, the Friday close was definitely bullish. A gap up on Monday is certainly possible given the momentum. But like you said, the overbought RSI makes me nervous. I'm thinking a short-term pullback is more likely before any further upside. I'm also keeping an eye on the Bollinger Bands, the price is right at the upper band so it's due for a correction I think. Will be interesting to see how it plays out. I'm also staying nimble!
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I'd temper expectations on that 'bullish' Friday close. While positive, the current RSI at 44.1 is far from overbought, indicating plenty of room for movement either way. A gap up is possible, but I'd look for a retest of the 20-day SMA around 89.77 as a more reliable indicator of sustained upward momentum. One day doesn't make a trend
@ngarcia402 Yeah, that Friday close was sus. I'm always wary of gaps on Mondays with silver. It's like, does it wanna rally or just mess with us?