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

The Hourly View for Silver

  • Currently, XAGUSD’s price is up $0.04 (0.15%) from the hour prior.
  • It’s been a feast for bulls operating on an hourly timeframe, as Silver has now gone up 4 of the past 5 hours.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • 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

  • At the time of this writing, XAGUSD’s price is down $-0.66 (-2.68%) from the day prior.
  • Silver has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
  • Of note is that the 100 day changed directions on XAGUSD; it is now pointing down. 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 Retreats As Higher Yields Put Pressure On Precious Metals you may find interesting:

Silver gained strong downside momentum and is testing the support at $24.20. If this test is successful, silver will move towards the next support at $24.00. RSI is close to the oversold territory, but there is still plenty of room to gain additional downside momentum. A move below the support at $24.00 will push…

FXEmpirecom