The Hourly View for Silver
- At the moment, XAGUSD’s price is down $-0.03 (-0.11%) 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 an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration.
- 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 $-0.75 (-2.66%) from the day prior.
- This move is a reversal from the day prior, which saw price move up.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
- Most noteworthy in the world of moving averages on the daily chart is that the 20 day moving average has been crossed, so that price is now turning below it. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Below is a daily price chart of Silver.
Featured Silver Idea From TradingView
Below is a trading comment entitled Can SILVER Hit $30? Lets wait and see! you may find interesting:
Hello Fellow Traders, Here is a Full Mapping Analysis For XAGUSD / SILVER. The Best way to follow my Analysis is if the following conditions apply. Conditions – 1. Wait for the Market to Show you some Rejection / Confirmation / Direction2.Wait for confirmation(Price Action Confirmation Aka . Pinbar , Bullish or…