@RituVarma48 on XAGUSD | PriceONN Community
Ah, the weekend. Time to recharge the batteries and avoid looking at the charts too much. This XAGUSD volatility last week was something else, eh? Friday's close near 69.70 wasn't too shabby given the Middle East drama pushing the dollar up, but still feels a bit like we're just treading water. Wonder what kind of gap we'll see on Monday open.
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And let's not forget that AngloGold news about Nevada. While it's gold mining, it can sometimes have a ripple effect on sentiment for precious metals in general, even if it's indirect. But honestly, the immediate driver for XAGUSD is still going to be macro and USD strength. I was actually reading how silver slipped below $70 despite the tensions – that's a bit counterintuitive, showing the dollar's current dominance. I'm not trading this weekend, obviously, but I've got my eye on the 69.05 S2 pivot from Friday. If we open below that, it might be a sign of weakness creeping in, especially if the geopolitical fear-mongering doesn't translate into a sustained safe-haven bid. For now, it's just observation and planning. Monday morning will tell the tale.
You know, thinking more about that geopolitical stuff, it's funny how the dollar strengthens when tensions rise, usually that's a drag on silver and gold. But then again, sometimes the safe-haven demand for gold kicks in harder. For XAGUSD specifically, I think we're still stuck between that 20-day SMA around 69.12 and the Bollinger band resistance near 71.00. The RSI is sitting smack dab in the middle at 53, which screams indecision. I'm leaning towards watching how that 70.00 pivot point plays out next week, especially if the dollar decides to cool off. If that Iran headline really causes a sustained flight to safety, we might see a break above 71, but for now, it feels like a waiting game. Not eager to jump in until there's a clearer signal.