Silver Does it Again: Heads Down for the 2nd Straight Day

The Hourly View for Silver

  • Currently, XAGUSD’s price is down $-0.01 (-0.03%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour 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 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 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.

Silver’s hourly price chart is shown below.

XAGUSD

The Daily View for Silver

  • Currently, XAGUSD’s price is down $-0.5 (-1.96%) from the day prior.
  • The daily chart shows that Silver has seen 2 straight down days.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • 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.

XAGUSD

Featured Silver Idea From TradingView

Below is a trading comment entitled SILVER – Approaching Buying Territory you may find interesting:

Silver Price Analysis (XAG/USD) consolidates biggest daily loss in a month below $26.00Following that, June’s low near $25.50, also the lowest since mid-April, will be the key as a downside break of which won’t hesitate to challenge the April 13 low near $24.65.Meanwhile, further recovery of silver prices depen…

FX_Professor