In silver, we recently saw a sharp flash move followed by a strong correction within a few days. For me, it now looks ready to attempt new highs. Yesterday, I was bearish due to overall market conditions and price behavior, but today’s 10% dip completely changed my view. At the same time, XAUUSD did not fall as much.
    Because of this move, silver no longer fits the typical correction behavior in my view. In XAUUSD, I have an upside zone of 5,000–5,100, where we may see consolidation before a potential breakout. I’m not sure how long price could remain within this zone.
    In my last post, I was heavily bearish. If today’s dip in silver had not happened, I would have remained bearish. This entire shift in perspective came from a single sharp drop, which changed my outlook on commodities. Now, I believe silver still has room to move toward 150–160.
    The major concern for me, however, is the monthly and weekly RSI, which is currently above 90.

    https://www.reddit.com/gallery/1qxh5jz

    Posted by Crafty_Resort644

    2 Comments

    1. Memes don’t have zones. Let the rest of retail get slaughtered for a while and come back in when you no longer see SLV and GLD trending on WSB.

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