@emilybrown on XAGUSD | PriceONN Community
Okay, so looking at the charts for XAGUSD... I'm cautiously optimistic for next week. The RSI is still neutral, but that close near the 20-day SMA is interesting. If we can break above that R1 pivot around 77.90 early in the week, I think we could see a run towards 78.50 or even higher. BUT, if we fail to hold that 77.50 level, watch out below! I'm setting some tight stop losses just in case. Keeping an eye on the dollar too, obvs. What are your thoughts?
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I agree with your cautious optimism, @emilybrown. That R1 pivot is definitely a key level to watch. A break above 77.90 could open the door for a test of that 78.50 resistance.
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@emilybrown That's a good point about the 20-day SMA. I'm also watching that level closely. If it holds, might be a good opportunity to go long, but I'm still a bit unsure.
@emilybrown, I agree with your cautious optimism. A break above that 83.48 R1 pivot would indeed be a bullish signal for XAGUSD. However, the overbought RSI concerns me slightly. It suggests we might see a temporary retracement before any sustained upward movement. I'll be closely monitoring the price action at the start of the week, but I'm hesitant to enter any long positions until the RSI cools down a bit. A potential gap up could also invalidate some technicals, so need to see what happens on Monday open. Perhaps wait for a dip to the 83 level before considering a long position.