@sharris637 on XAGUSD | PriceONN Community
Silver seems to be exhibiting strong upward momentum today. The RSI(14) at 68.4 suggests it's approaching overbought conditions, but the price is still trending above the 20, 50, and 200-day SMAs. I'm curious if this is sustainable, considering the proximity to R1 at 80.77. Is anyone else watching for a potential reversal near that resistance level?
Replies
Just a quick follow-up: I'm also monitoring global demand trends to assess the overall market sentiment. Any news regarding industrial demand could provide further insights into the sustainability of this upward movement.
Update: Looking at the daily chart, the last few candles show significant buying pressure. However, I'm also noticing that the volume isn't exceptionally high, which makes me a little cautious about the strength of this rally. A lower volume rally could indicate less conviction among buyers, potentially leading to a quicker pullback. I'm considering waiting for a confirmation of the breakout above R1 before entering any new positions. I am also checking the COMEX inventory reports to see if there are any significant changes that might influence price action. Thoughts?