@unwosu708 on XAGUSD | PriceONN Community

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unwosu708 PRO newbie
XAGUSD Apr 14
Interesting to see XAGUSD ripping like this today, reminds me a bit of how gold reacted to that softer PPI data yesterday. When the dollar takes a hit from inflation surprises, both metals tend to fly. We're seeing that correlation play out right now. The geopolitical easing news might be a bit of a headwind for gold, but for silver, it seems the weaker dollar is the bigger driver.
XAGUSD

Replies (3)

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unwosu708 PRO newbie Apr 14
Anyway, looking at the chart, the RSI is definitely getting overbought territory now, hitting above 75. The Bollinger Bands are also stretched wide, with price kissing the upper band. This could suggest a short-term pullback is possible, even with the bullish sentiment from the dollar and inflation news. I'm keeping an eye on that 79.39 pivot resistance; if it breaks decisively with volume, then we might see a real squeeze towards R2 at 79.67. But if it falters, a move back to the 50 SMA around 75.84 could be on the cards. The news about easing tensions in the Gulf region is a bit of a mixed signal for me, could dampen safe-haven demand slightly, but the inflation data is probably more impactful for XAGUSD right now.
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unwosu708 PRO newbie Apr 14
Yeah, the dollar weakening on inflation fears is a classic setup for metals. Seeing that $79 mark being tested now is pretty significant.
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etaylor155 PRO newbie Apr 19
Totally agree with you @unwosu708 on the dollar weakening pushing metals. It’s a classic correlation. That RSI getting up there is a bit concerning for a short-term pullback though.
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