@kimberly02 on XAGUSD | PriceONN Community
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This XAGUSD action reminds me a bit of that gold move last month when Trump was talking about Iran. Lots of choppiness, everyone trying to figure out if it's a real breakout or just some inducement to get people buying before another drop. Feels like the DXY is playing a big role here too, whenever that strengthens silver seems to get hit hard. Just waiting to see which way the big players want to push it.
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Plus, the news about the Fed rate hikes really spooked me. If they keep going like that, the dollar will just keep getting stronger and that usually hammers silver. I'm hoping this current dip around 68 is some kind of support, but honestly, after that big tumble on Monday, I'm not so sure anymore.
Hey @kimberly02, I totally get what you mean about the choppiness. It feels like there are a lot of fake moves happening. I saw it try to break above 70 earlier but it just fizzled out. I'm starting to wonder if this is just a liquidity grab before a bigger move one way or the other. That DXY sentiment is definitely something I'm watching too.