The Hourly View for Silver
- At the moment, XAGUSD’s price is up $0.01 (0.05%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved down.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
- The moving averages on the hourly 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.
Silver’s hourly price chart is shown below.
The Daily View for Silver
- At the moment, XAGUSD’s price is down $-0.05 (-0.2%) 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.
- 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 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 Pulls Back After Yesterday’s Upside Move you may find interesting:
Silver has once again faced resistance near $25.20 and pulled back towards the $25 level. Currently, silver is trying to stay above this psychologically important level. If this attempt is successful, silver will get to another test of the resistance at $25.20.The next resistance level is located at the 20 EMA at $25.30 so silver needs to…