@brittany3884 on XAGUSD | PriceONN Community
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XAGUSD is definitely overbought right now. RSI is above 70, but the price is still below recent highs. Could see a pullback soon, especially if it fails to break resistance at 79.22. Keeping an eye on the hourly chart for confirmation.
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Update: Looks like the pullback is starting already. Price is testing the 78.97 pivot now. If it breaks below that, next support level is around 78.55. I'm thinking of opening a small short position with a tight stop loss, but I'm waiting for more confirmation. Still skeptical though, the overall trend is bullish.
Hey @brittany3884, I see what you mean about the RSI being overbought. But I'm wondering, if it's already overbought, why hasn't it pulled back yet? Is it possible the news from Iran is keeping it up even though the technicals say it should go down? I'm still trying to figure out how news events affect the technicals, it's so confusing! Maybe I should just wait and see what happens Monday before making a move... what do you think?