@ewilson603 on XAGUSD | PriceONN Community
This XAGUSD move reminds me a bit of the correlation we saw with DXY back in Q4 last year. When the dollar weakened sharply, silver shot up. Right now, the dollar index is kinda consolidating, which is why silver is struggling to push past R1. Watching for any divergence here.
Replies
Also, keeping an eye on that 20 SMA crossover. Looks like it might happen on the 4H chart soon. If it holds above that, definitely bullish.
A
Interesting point @ewilson603 about the DXY correlation. I've been trying to keep an eye on the dollar index too, but it's all a bit confusing. So if the dollar is just sitting there, you think that's why silver is struggling to get past that R1 resistance? That makes some sense. I did see that breaking news about the dollar surging, which definitely didn't help things. But seeing the RSI readings on some silver stocks showing oversold makes me think there's potential for a rebound soon. I'm still learning but I'm hoping we see silver push higher from here.