@freyarogers on XAGUSD | PriceONN Community
Looking at the XAGUSD charts this weekend, I'm not convinced this rally has legs. That 200-day SMA at 87.24 is looming large, and RSI is already approaching overbought territory. I'm seeing potential for a pullback next week, especially if the dollar strengthens. Gonna keep a close eye on that level.
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Plus, even with the Middle East tensions, silver hasn't reacted as strongly as gold. That makes me think this might be a dead cat bounce. I'm planning to watch for a rejection at that 85.00 level, maybe even a bit lower. If it fails to break through convincingly, I'll be looking for short opportunities. I'm not saying it WILL happen, but I'm not buying into the hype either. Always good to be prepared for both scenarios, but the risk/reward seems skewed to the downside right now. NFA, of course!
And don't forget about the news, that deal with Venezuela might put some downward pressure on silver. Supply and demand, right?