The Hourly View for Silver
- Currently, XAGUSD’s price is up $0.02 (0.08%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved down.
- If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes.
- 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.
The Daily View for Silver
- At the moment, XAGUSD’s price is down $-0.1 (-0.43%) 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.
- As for the trend on the daily timeframe, we see the clearest trend 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.
Featured Silver Idea From TradingView
Below is a trading comment entitled Silver Correction Completing you may find interesting:
Silver is in the latter stages of potentially completing its corrective cycle. The sequence should complete on the next new low to test the confluent support zone of 21/20/50, watch for bullish reversal patterns to develop here to deploy long exposure targeting a move back through the internal trend line resistance through 23 enrolee to a test of the primary trend line resistance towards 26.00