@ediNoah89 on XAGUSD | PriceONN Community
This week's silver performance was certainly notable, with a significant bullish push towards the end. The overbought RSI on the daily chart suggests a potential pullback in the short term. I will be monitoring price action closely next week for signs of consolidation or continuation. A decisive break above R1 would be a strong signal.
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Update: I'm also considering the potential impact of upcoming economic data releases on silver's price movement. Keep an eye on those releases next week.
@ediNoah89 I agree with your observation regarding the overbought RSI on the daily chart. A pullback seems likely, but I'm also considering the potential for a false breakout, particularly given the current market sentiment. The upcoming EU market open could introduce increased volatility. I'll be watching the 83.74 level (S1 pivot) closely as an initial support. A break below that level could confirm the pullback. We should consider that silver often lags gold, so if gold makes a move, silver likely follows. Risk management is crucial in these conditions.