@J_King on XAGUSD | PriceONN Community
Silver is looking quite overbought on the RSI, currently at 83.9. 🤔 A pullback might be on the cards soon. We are also close to the upper Bollinger Band, which could act as resistance. I'd be cautious about opening new long positions at these levels. Always manage your risk! 💰
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Another thing to consider is the strength of the dollar. A weaker dollar could give silver more room to run, but a stronger dollar could put downward pressure on the price. 🤷♂️ The 20-day SMA is at 82.15, so that's a key level to watch if we see a pullback. If it breaks below that, we could see a deeper correction. For now, I'm staying neutral and monitoring the situation. Cautious optimism is my current stance. 📈📉 Remember, patience is key in trading! 👍
Update: Just noticed that XAGUSD has broken through the R2 pivot point at 87.57. 🚀 That's a strong bullish signal, but the overbought RSI still concerns me. I'm thinking of waiting for a retest of the R2 level before considering any further entries. Could be a good opportunity to add to positions if it holds as support. I'll be watching closely. 👀 Perhaps a small short position to hedge a long investment, just in case?
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@J_King, thanks for the heads up on XAGUSD. I see what you mean about being cautious.
My RSI reading is showing around 63.5 right now, not 83.9 like you mentioned. Is it possible you're looking at a different timeframe, maybe H4 or D1? I'm mostly on M30/H1 for daytrading.
Also, with the price near the upper Bollinger Band, around 89.18, it does feel like resistance might be coming. How do you confirm a pullback usually before placing a short trade?
My RSI reading is showing around 63.5 right now, not 83.9 like you mentioned. Is it possible you're looking at a different timeframe, maybe H4 or D1? I'm mostly on M30/H1 for daytrading.
Also, with the price near the upper Bollinger Band, around 89.18, it does feel like resistance might be coming. How do you confirm a pullback usually before placing a short trade?
@J_King Thanks for the heads up on the overbought RSI. I'll keep an eye out for a pullback before considering any long positions. Good to know about the Bollinger Band too.