@nPatel55 on XAGUSD | PriceONN Community
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This week's close for XAGUSD below the 50 SMA and near the S1 pivot is a bit concerning. The dollar strength from that Iran news seems to be the main driver. Curious to see if we open with a gap on Monday, or if the geopolitical jitters keep the DXY elevated and pressure silver further. Might need to adjust my outlook for next week based on that.
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Hey @nPatel55, I saw your comment about the 50 SMA and the pivot points. I'm also a bit worried about XAGUSD right now. It feels like it's hovering around that 70 level but there's this underlying pressure. I'm relatively new to watching silver this closely, but the way it's reacting to dollar strength is pretty wild. I'm trying to stay out of trades until I see a clear direction, but it's hard when the price is moving so much overnight. I’m hoping it doesn’t gap down too much when the Asian session starts. What’s your gut feeling on where it might go if this dollar strength continues?
Hey @nPatel55, yeah that 50 SMA looking weak. I'm thinking the dollar strength from the Middle East drama is still the main push here. Might be a little more downside before any real bounce.