@ShwetaPatel on XAGUSD | PriceONN Community

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Been watching a few webinars on macro impacts lately, and the consensus is that the current geopolitical tension, especially with the Gulf war escalation, is really muddying the waters for metals. They're talking about how rising oil prices typically boost gold, but this time around, it seems like the inflation fears are pushing central banks into a corner, forcing them to hike rates aggressively. That's what's creating this weird dynamic where gold is actually tanking. It's an interesting play on safe-haven demand.
XAGUSD

Replies (1)

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kayla91 PRO newbie Mar 24
Hey @Shweta Patel, I hear what you're saying about macro impacts and geopolitical tensions affecting metals. It's definitely a complex interplay. However, I've been noticing a slight divergence from the typical correlation lately, especially with the recent news about potential de-escalation in the Middle East. The dollar index took a pretty significant hit yesterday, which usually provides a tailwind for precious metals. While the manufacturing data from Australia and Japan are a bit soft, they don't seem to be the primary driver for XAGUSD right now.

Technically, we're seeing silver hover around the S1 pivot point, which is holding as support for now. The 20 SMA is also just above current price action on the H4, which could cap upside if it doesn't break decisively. I'm still keeping an eye on that, but the immediate reaction to the geopolitical news seems more influential than the economic data you mentioned. We might see a bit of a bounce here if this dollar weakness persists.
EURUSD 1.16141 -0.14%
GBPUSD 1.34328 -0.22%
USDJPY 159.83350 -0.03%
XAUUSD 4,470.55 -0.38%
XAGUSD 73.02 -2.76%
BTCUSD 64,369 -4.77%
SP500 6,572.87 +0.74%
BRENT 99.81 +0.94%
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