@noah7235 on XAGUSD | PriceONN Community
Reviewing my XAGUSD strategy for Monday's open. Given the significant bullish move on Friday and the overbought RSI, I'll be closely monitoring for a potential gap up or a false breakout. My plan is to wait for the initial volatility to subside and then assess the price action around the R1 pivot at 83.48. A sustained break above could signal further upside, but a rejection would suggest a possible short-term correction.
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@noah7235, your point about monitoring for a potential gap up is interesting. I'm still trying to get my head around how gaps work, especially with silver's volatility. Given the overbought RSI(14) at 70.3, do you think a short-term pullback is likely before another push higher? Or will the news from Iran just completely override any technical indicators? I'm wondering if it's worth setting a limit order near the R1 pivot, but I'm also worried about a false breakout like you mentioned. Any advice on how to manage risk in this situation?