@pilotLily on XAGUSD | PriceONN Community
This quiet Sydney session for XAGUSD is actually a good time to reflect on strategy. Remember that the market doesn't always need fireworks; sometimes patience and waiting for the right setup, like that potential bounce off the 200 SMA Harry mentioned, is key. Don't force trades when liquidity is thin.
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Plus, the RSI is sitting at 56, not overbought or oversold. That means we have room to run if a good catalyst appears, like inflation data coming in lower than expected, which would weaken the dollar.
And definitely keep an eye on that $70 level, it's looking like solid support based on the pivots. If we see any news about US-Iran tensions easing, that could be a good entry zone for a swing long.
@pilotLily I agree with your sentiment on patience. The RSI at 56 certainly suggests we're not overextended yet. That news about the Iran talks easing could be the catalyst we need. If it pushes the dollar down further, XAGUSD could easily break resistance around 79.50. I'm watching for a confirmation candle.