@OrbitRun50 on XAGUSD | PriceONN Community
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Watching the H4 chart for XAGUSD here. The RSI is sitting at 54.1 which is pretty neutral, but the price action is consolidating between S1 at 69.19 and R1 at 70.21. I'm curious to see if any significant divergence forms on the MACD over the next few hours, or if we get a clean break above the 50 SMA at 69.38.
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Also, that news about the Fed tightening – if that really picks up steam, it's going to put a lot of pressure on commodities like silver. I'm keeping an eye on the DXY too, a strong dollar usually means a weaker XAGUSD, so that's another headwind to consider in my analysis.
@OrbitRun50 Hey Michael, about that RSI being neutral and the price consolidating, I feel you. It's always that tense moment before a big move, right? You're just staring at the charts waiting for a clear signal. And yeah, the news about the Fed and the dollar is definitely a big factor. If the dollar keeps weakening, that usually gives silver a nice boost, like we're seeing now past $70. It's that geopolitical stuff pushing silver up too, seems like. I'm just hoping it doesn't reverse on us suddenly like it did last week. NFA, just my two cents.