Silver's breakout today confirms bullish momentum. The RSI is elevated, but still has room to run before hitting extreme overbought levels. Watching for continued strength through the R1 pivot; next target 81.50. Overall, a positive outlook for XAGUSD.
@bharris768 Interesting analysis! I'm pretty new to this, so trying to understand your reasoning. You mentioned the RSI having room to run. How high does it usually need to get before it's considered overbought for silver? And when you say 'strength through the R1 pivot', does that mean it needs to stay above 84.65 consistently to confirm the bullish trend? I'm trying to get a better handle on using pivot points in my trading.
