The Hourly View for Silver
- At the time of this writing, XAGUSD’s price is down $-0.04 (-0.17%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved up.
- Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
- Price action traders may also wish to note that we see a doji 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.
The Daily View for Silver
- Currently, XAGUSD’s price is down $-0.44 (-1.65%) from the day prior.
- This is a reversal of the price action on the previous day, in which price moved up.
- As for the trend on the daily timeframe, we see the clearest trend 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.
Below is a daily price chart of Silver.
Featured Silver Idea From TradingView
Below is a trading comment entitled Silver Tests Support At $26.30 you may find interesting:
Silver failed to settle above the resistance at $26.65 and declined towards the support at $26.30. In case silver manages to settle below this level, it will head towards the next support at $25.85.A successful test of the support at $25.85 will push silver towards the 50 EMA at $25.75. The 20 EMA is…