@WSmith58 on XAGUSD | PriceONN Community
XAGUSD is showing some interesting movement today! 📈 The RSI is hovering around neutral, but that 3% jump is definitely eye-catching. I'm curious to see if it can sustain this momentum or if we'll see a pullback towards the 77.00 level. 🤔 Keeping a close watch!
Replies
William, that 3% jump on Friday was certainly noteworthy! I agree that monitoring whether it can sustain that momentum is key. However, I'd caution against relying solely on the RSI. Given the broader market context, including the strength of the dollar and the uncertainty surrounding interest rate decisions, a pullback towards the 77.00 level is entirely plausible. It might be prudent to consider setting a tight stop-loss order to protect your capital should the price action reverse. A break below the 20 SMA could signal further weakness.
Interesting observation @WSmith58. That 3% jump was indeed significant. However, with the RSI still below 50, I'm hesitant to call it a sustained bullish move. A pullback to the 77.00 level seems plausible, but I'd also be watching the Bollinger Band upper at 78.83 as a potential resistance if it continues upward. It'll be interesting to see how it plays out.
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@WSmith58 I agree, the move is interesting, but I'm skeptical it will last. The overall trend has been bearish, and this could just be a temporary correction before another leg down. I'm looking at the Bollinger Bands, and the price is still within the lower half. I would be cautious about going long here. A break above the middle band (around 85.30) might change my mind, but until then, I'm staying neutral to bearish. Plus, the volume isn't particularly convincing on this move.