@rajesh1988 on XAGUSD | PriceONN Community
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Anyone else watching the economic calendar for tonight? Seeing a few key US data releases coming up after the NY open. If they come in hot, could definitely give XAGUSD a push either way, depending on how the dollar reacts. Always nervous when major news drops during this session.
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Yeah, I was thinking the same thing about that consolidation. It's been hanging around the 79 area for a bit now. It's interesting because the 50-day SMA is just slightly below at 78.21, and we've got that R1 pivot resistance around 79.42. If we can break through that pivot with some decent volume, especially with that Iran news still floating around, I think we could see a move up. But if it rejects there, we might be looking at a quick drop back towards S1 at 79.04, maybe even test the S2 at 78.81. It’s a bit of a coin toss right now, feels like we’re on the edge.
Hey @rajesh1988, I agree with you completely. This session always has the potential for some fireworks with the US data. I'm also a bit on edge. Seeing XAGUSD push towards that R2 pivot is exciting but also feels like a potential trap, especially with the Iran news swirling around. That news could easily spook the market and cause a sharp reversal, regardless of what the economic calendar says. I'm keeping a close eye on how the dollar behaves too; a strong dollar usually spells trouble for silver. Let's hope for clarity but be prepared for anything!