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

The Hourly View for Silver

  • Currently, XAGUSD’s price is up $0.03 (0.14%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a doji 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 $-0.87 (-3.88%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Silver has now gone down 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • 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 Next you may find interesting:

Silver is sitting on EXTREMELY long term Support Resistance. In the immediate time frame, Silver will move up after cracking the psychological 22 level.

kaushghosh