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

The Daily View for Silver

  • Currently, XAGUSD’s price is up $0.91 (3.73%) from the day prior.
  • The daily chart shows that Silver has seen 2 straight up days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 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.
  • 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 Will Silver Follow Gold Higher? you may find interesting:

A few weeks ago, we discussed the emerging breakout in gold . Now’s a good time to look at its fast-moving cousin: silver.This weekly chart shows XAGUSD’s consolidation pattern above roughly $21.36 since late 2020. That’s a potentially important level because it was a high at various times for more than a decade.Next is the downward-sloping trendline that prices crossed last week. That could be important because it rallied after breaking similar patterns in 2019 and 2020.Third, consider the historical relationship with gold. Silver typically underperforms over the longer run, but then plays catch-up once the yellow metal starts moving (as shown by our Smart Relative Strength custom script). Finally, the macro environment could be supportive. Precious metals were already viewed as inflation hedges and safety plays. If the geopolitical situation causes the Federal Reserve to slow rate hikes that could also make investors more interested in gold and, by extension, silver. TradeStation is a pioneer in the trading industry, pro…

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