@jgreen269 on XAGUSD | PriceONN Community
Given the overbought RSI and the market's proximity to R2, I'm curious to hear what others are expecting for XAGUSD next week. Will we see a continuation of this bullish momentum, or is a correction on the horizon? What are your targets?
Replies
@jgreen269, an excellent question regarding next week's outlook! Considering the current RSI and proximity to R2, a correction does indeed seem plausible. However, it is crucial to consider the fundamental factors at play. The persistent inflationary pressures and geopolitical uncertainties could provide underlying support for silver, mitigating the extent of any pullback. I anticipate a potential retracement towards the 81.50-82.00 level, which could then present a buying opportunity. My target for the medium-term remains around 85.00, contingent on continued inflationary concerns.