@deepika5872 on XAGUSD | PriceONN Community
Silver seems to be on a bit of a run lately! The price has jumped quite a bit, and the RSI is nearing overbought territory. I'm curious to see if it can maintain this momentum or if we'll see a pullback soon. Trying to understand if this is a good time to buy or wait for a dip.
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Update: Also noticing the Bollinger Bands are widening. Does this mean volatility is increasing, and I should be extra cautious? Still trying to wrap my head around those bands!
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@deepika5872, I understand your hesitation regarding the RSI nearing overbought territory. While the recent price action has been bullish, it's prudent to consider potential pullbacks. However, the RSI at 53.7 isn't quite at overbought levels yet. I'd suggest monitoring price action near the R1 pivot at 84.67. If it breaks through with strong volume, it may signal continued upward momentum. But if you see rejection candles or increased selling pressure, a pullback towards the 20-day SMA at 82.93 could be a good entry point. Waiting for confirmation is always a solid strategy.