@AmeliaEvans4 on XAGUSD | PriceONN Community
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This sideways chop in XAGUSD reminds me of that dull period in EURUSD back in Q2 last year. Just watching it grind back and forth with no real direction. The DXY rally is definitely putting pressure on it, like how a strong dollar used to cap EUR pairs. Feels like we're just waiting for the next big catalyst, whether it's more geopolitical drama or Fed jawboning.
Replies
Hey @AmeliaEvans4, totally get the sideways chop comparison. It does feel like we're in a bit of a holding pattern right now. I've been looking at the RSI, and it's sitting at a neutral 57, which doesn't give much clue. However, the fact that XAGUSD is managing to hang above the 50 SMA, and even the 200 SMA on the daily, suggests underlying strength. The DXY did dip a bit earlier, which is usually good for silver, but it seems like the market is waiting for something more concrete. I'm still keeping an eye on that pivot resistance around 75.90, but if we break that convincingly, I might look to go long.