@bilalsiddiqui51 on XAGUSD | PriceONN Community
Anyone else watching this XAGUSD chart? It seems to be struggling around the R1 pivot point at 74.02. I'm wondering if it's going to consolidate here or push through. The RSI is showing overbought too, which is making me a bit nervous about any further upside from here.
Replies
Also, thinking about that 74.02 resistance I mentioned earlier. The US CB consumer confidence data came out higher than expected, which usually strengthens the dollar and can put pressure on commodities like silver. But then, there's also talk about softer inflation outlook, which is a bit mixed. It's hard to tell if that consumer confidence reading will be enough to stall this silver rally, or if the inflation outlook is more dominant. The market seems confused right now, just chopping around that pivot.
J
@bilalsiddiqui51 Yeah, that R1 pivot is holding for now. The higher US confidence data you mentioned is definitely a dollar-positive factor, pushing commodities down. I'm leaning bearish short-term based on that, might test the S1 pivot.