@EthanCoffee on XAGUSD | PriceONN Community
Watching XAGUSD around these 72-73 levels, feels like it's moving in tandem with gold right now. If gold continues to react to the geopolitical jitters and push higher, silver should follow suit. Keep an eye on that $74 resistance level, if it breaks, we could see a nice move up.
Remember when silver lagged gold for a bit last year? This feels different, more direct correlation.
Remember when silver lagged gold for a bit last year? This feels different, more direct correlation.
Replies
@EthanCoffee I hear you on the geopolitical stuff, but this XAGUSD price action is just not cooperating. I was hoping for a clean break above that 74 resistance, but it's just hovering. Feels like a trap. What are you seeing on your charts besides the gold correlation?
@EthanCoffee I agree with you on the geopolitical aspect driving sentiment, it's definitely a factor for silver. But this price action around the 74 resistance is just frustrating. It's like it wants to break but can't. The low volume we're seeing in this Asian session isn't helping either, makes it hard to trust any potential move. That news about Iran and the rate cut expectations definitely adds to the uncertainty. I'm hesitant to go long until we see a clear break and sustained momentum above 74, otherwise, it might just be another trap. The 50 SMA is also sitting just below current price, which could offer some support, but with this choppy market, I wouldn't bet on it holding firmly.