@quickMoss2 on XAGUSD | PriceONN Community
Man, this Aussie PMI data was pretty weak, just barely above 50. Doesn't really inspire much confidence in their manufacturing sector right now. And that Dollar Index reversal on Iran news... wild. Definitely got my attention for what might happen next.
Replies
Oh, and also saw that breaking news about Coeur Mining's production outlook. That could be a factor for metals later on.
S
Hey @quickMoss2, yeah that PMI data was a bit soft, but honestly, I'm not surprised given the current global economic climate. The real action was that USD surge on the Iran news, totally unexpected to see it rally so hard while the Middle East tensions were escalating. It's funny how sometimes the 'safe haven' assets seem to take a hit when there's geopolitical risk. For XAGUSD, I think that dollar strength really put a lid on any upside potential Friday. We'll see if that gap opens on Monday, but I'm expecting some volatility. I'll be watching the 70-71 zone closely, but might even look for a short if we spike too high on the open with that dollar still firm.