@fbailey272 on XAGUSD | PriceONN Community
XAGUSD closed the week strongly, but RSI is now deep into overbought territory. Expecting some pullback early next week. Key will be how it reacts around the 83.50 level. A sustained break below that and we could see a test of the 82.50 support. Otherwise, bullish momentum may continue.
Replies
Update: Gap risk is elevated given the strong close on Friday. A significant gap up on Monday could trigger a short squeeze, pushing XAGUSD even higher initially. Manage positions accordingly.
R
I concur with @fbailey272's assessment regarding the overbought RSI. A pullback is indeed plausible. I am also watching the 83.50 level, as a decisive break below could trigger a sharper correction towards the 50-day SMA. It's crucial to remain vigilant and adjust positions accordingly based on price action and confirmation signals.
W
@fbailey272 I see what you mean about the overbought RSI. That's def something to watch out for. But tbh, I'm not entirely convinced we'll see a pullback all the way to 83.50. Seems like there's some decent support around the 87.50-88 area. Maybe a small dip, but I think the bulls are still in control for now. unless something big happens macro-wise. I'm thinking maybe a small short position with a tight SL if it breaks 88. What do you thnk?