Silver Does it Again: Heads Up for the 4th Straight Day

The Hourly View for Silver

  • At the moment, XAGUSD’s price is up $0.02 (0.08%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as Silver has now gone down 4 of the past 5 hours.
  • 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward 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 up $0.01 (0.02%) 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.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Silver. Given that we see an uptrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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 Weak Dollar Pushed Silver To New Highs you may find interesting:

Silver settled above the resistance at $28.30 and made an attempt to get to the test of the next resistance level at $28.90. RSI is close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.If silver manages to settle above the …

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