This week was pretty volatile for silver. Made some decent profit early in the week but gave some back on Friday's surge. RSI is definitely in overbought territory on the daily chart. Thinking a pullback is likely early next week. Need to watch closely for confirmation.
Brittany, that's a good point about the week's volatility. It is important to remember to manage risk. The RSI being overbought on the daily chart does suggest a pullback is likely. I agree that watching for confirmation is crucial. A break below the pivot point at 89.87 could confirm the pullback. Also, consider the support levels around 89.52 and 89.05. If those levels are broken, it could lead to a deeper correction. It is always good to take profits when available and avoid being too greedy. Better to secure gains than risk giving them back to the market.
