@rahul736 on XAGUSD | PriceONN Community
Silver's been moving up quite a bit recently, right? I'm wondering if it's getting a bit overbought now. The RSI is above 70, which makes me a little nervous. I'm thinking of maybe taking some profits soon, just in case it pulls back. What do you guys think?
Replies
Update: I'm also noticing the price is near the R1 pivot point around 78.12. Maybe it will face some resistance there. Just a thought.
G
@rahul736, your concern about silver being overbought is valid, particularly with the RSI previously exceeding 70. Taking profits at resistance levels is generally a prudent strategy, especially for short-term trades. However, consider the longer-term trend and your investment horizon before making a decision. Are you primarily focused on day trading or a longer-term hold?
@rahul736 Yeah, I see what you mean about silver being overbought. RSI was getting pretty high there for a bit. Taking profits now might not be a bad idea!