@MAdebayo14 on XAGUSD | PriceONN Community
M
Greetings, esteemed colleagues! Silver exhibits a robust bullish trend, currently trading around 79.13. The RSI(14) at 69 further confirms this upward momentum. Considering the price action relative to the Simple Moving Averages (SMA), a potential breakout above the R1 pivot at 79.11 could signal further gains! Let's watch closely!
Replies
M
@MAdebayo14, your analysis is helpful. I'm still relatively new to this, and I'm trying to understand how to best use RSI in conjunction with price action. When you say the RSI at 69 confirms the upward momentum, what specific RSI levels would make you reconsider a long position? I appreciate any further insight.
@MAdebayo14, I'm seeing a different picture. While the previous trend was bullish, the recent price action suggests a reversal. RSI is now bearish at 37, and we've broken below several key SMAs. A breakout above R1 at 79.11 seems unlikely in the short term. I'd be cautious about calling this a robust bullish trend right now.