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

The Hourly View for Silver

  • At the moment, XAGUSD’s price is down $-0.03 (-0.09%) 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 100 hour timeframe.
  • The moving averages on the hourly 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.

Silver’s hourly price chart is shown below.

XAGUSD

The Daily View for Silver

  • At the time of this writing, XAGUSD’s price is up $0.11 (0.42%) from the day prior.
  • Silver has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Of note is that the 20 day changed directions on XAGUSD; it is now pointing up. 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 Are we expecting a breakout for Silver before end Oct 2021? you may find interesting:

After a long bear market since 2011 followed by a final dip during COVID-19 in March 2020, we have seen Silver rising sharply to reach $30 and then going into a consolidation stage which is now bringing the price to an average of $25-27. Looks like we may soon break out of this zone and move to the first profit target of $35 approx?

algodynamix