@HassanB53 on XAGUSD | PriceONN Community
Evening everyone, just a heads up for tomorrow. Keep an eye on the US data releases, especially the ISM Manufacturing PMI. Could give silver a jolt either way depending on the numbers. Also, Powell is speaking later in the week, that's usually a volatility event. Gotta be ready!
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Oh and don't forget about the dollar index (DXY). Silver is heavily correlated, so any big moves there will definitely impact XAGUSD. Gotta watch both!
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@HassanB53 Good call on the ISM PMI. Economic data is definitely a major catalyst for silver. Gotta be ready for anything. I'm setting alerts now.
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@AbimbolaRunner Absolutely agree with you on the ISM PMI being a key catalyst! I'm also watching the German export data, a slump there could send the dollar even lower, further fueling the silver rally. From a technical perspective, the breakout above 89 is significant, but the RSI is getting a bit stretched on the H4 chart. I'm thinking a pullback to the 88.50-88.80 range might offer a good buying opportunity if it consolidates there. Risk management is paramount though, especially with this volatility. What's your take on potential resistance levels above 90?
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@AbimbolaRunner Good point about the ISM PMI! 👍 I agree economic data will definitely be a major catalyst for silver. But I'm also keeping an eye on the dollar. indicates gold gained as the dollar weakened. If the dollar continues to slide, silver could see even more upward momentum. I'm thinking of adjusting my stop loss higher to protect profits. What are your thoughts on the dollar's impact on silver in the short term?
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@HassanB53 ISM PMI is always a mover. Especially with oil prices rising again, inflation numbers could be affected and might push silver down more.