Silver Closed Yesterday Down -0.03%

The Hourly View for Silver

  • At the time of this writing, XAGUSD’s price is up $0.04 (0.19%) from the hour prior.
  • Silver has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 50 hour changed directions on XAGUSD; it is now pointing up. 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.

XAGUSD

The Daily View for Silver

  • At the moment, XAGUSD’s price is down $-0.01 (-0.03%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Silver. Given that we see downtrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence between XAGUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAGUSD’s price.

Below is a daily price chart of Silver.

XAGUSD

Featured Silver Idea From TradingView

Below is a trading comment entitled SILVER Long Term Buy Potential you may find interesting:

Hi everyone:Looking at Silver here for the bullish long term outlook.From my previous analysis, I mentioned a downside from the price to the previous lows on the higher time frame would be ideal to lead to a long term buy.Finally, we see price correctively move…

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