The Hourly View for Silver
- Currently, XAGUSD’s price is up $0.04 (0.17%) from the hour prior.
- This move is a reversal from the hour prior, which saw price move down.
- 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 20 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 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 time of this writing, XAGUSD’s price is down $0 (0%) from the day prior.
- It’s been a feast for bears operating on the daily timeframe, as Silver has now gone down 13 of the past 14 days.
- From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
- 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.
- 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.
Featured Silver Idea From TradingView
Below is a trading comment entitled Nearing an important decision zone on Silver you may find interesting:
The silver made three significant wicks to the bottom resistance area on 24 September 2020, 30 November 2020, and 9 August this year. Each was higher than the previous one.On the one hand, such an area will have a high concentration of buy-limits, sell-stops, and stop-loss orders. If broken by a sufficient margin, limit order buyers will trigger their stop-loss increasing liquidity for buyers. If I…