The Hourly View for Silver
- At the time of this writing, XAGUSD’s price is down $-0.02 (-0.06%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved up.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
- Price action traders may also wish to note that we see a doji candlestick pattern on Silver. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Silver’s hourly price chart is shown below.
The Daily View for Silver
- Currently, XAGUSD’s price is down $-0.21 (-0.79%) from the day prior.
- This is a reversal of the price action on the previous day, in which price moved up.
- Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them with price now being below it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Below is a daily price chart of Silver.
Featured Silver Idea From TradingView
Below is a trading comment entitled Silver bears await rising wedge confirmation to retake controls you may find interesting:
Silver prices remain pressured inside a short-term bearish chart pattern, rising wedge, amid the early Tuesday’s trading. In doing so, the bright metal also justifies the pullback from the one-week-old resistance line. Hence, the bears are firming the grips but need conviction. For that matter, the sellers await a clear downside break of $25.90 to confirm the …