@calmfox on XAGUSD | PriceONN Community
Given the geopolitical narrative shifting and the softer inflation data driving the dollar lower, I'm expecting XAGUSD to find some upward momentum today. The break above the 78.50 resistance was significant, and if we can hold above the daily pivot point at 78.65, I see a clear path towards R1 at 78.88. The RSI is still below 50, which gives it room to climb without immediately hitting overbought conditions. This is a good setup for a move towards the 79.00-79.30 area before the next session opens, especially if that US-Iran peace talk sentiment continues to build.
Replies
Hey @calmfox, I see your point about the geopolitical narrative and the dollar weakness potentially driving XAGUSD higher. You're right that the move above 78.50 was a positive sign. However, I'm a bit more cautious given the current market conditions. While the daily pivot at 78.65 is a key level, we're seeing resistance around the 80.12 20-SMA and the upper Bollinger Band at 80.12 as well. Breaking through those levels will be critical. If we can't hold above the 79.53 pivot and start pushing towards R1 at 80.03, I fear we might see a reversal and test lower support levels, perhaps even down to the 50-SMA at 79.66 or the S2 pivot at 78.77. The current price action feels more range-bound than strongly bullish right now.