@AishaPatel on XAGUSD | PriceONN Community
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Anyone else binge-watching that new sci-fi series? It's seriously addictive, I stayed up way too late last night.
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Wait, I just remembered that news about the Strait of Hormuz being closed and the oil prices going up. That usually helps silver, right? But then there's also the dollar strength which is bad for silver. It's so confusing. Maybe the news about a potential $60 plunge is overblown because of the oil part? I really hope it doesn't gap down that much, my position would be in serious trouble. I'm not sure what to do if it opens lower, maybe just hold and hope for a dead cat bounce? This whole thing is stressing me out and I haven't even traded this week. Just feels like a lot of conflicting signals and I'm scared of getting caught on the wrong side again.
Hi @AishaPatel, yeah the dollar strength is definitely a big worry for silver right now. It seems like whenever the dollar goes up, silver struggles to find any momentum.
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Hi @AishaPatel, yeah, I did see that news about the Strait of Hormuz and the oil prices are definitely a factor that usually gives silver a boost. It's weird how it's not reacting strongly to that right now. I think you're right about the dollar being the main drag. It's like that headline saying gold's safe-haven appeal is fading, and maybe silver is feeling that too. When the DXY is strong, silver often struggles to find upward momentum, so it makes sense that it's not soaring despite the geopolitical stuff. I'm just watching it cautiously; hoping it finds some support soon but not holding my breath.