The Hourly View for Silver
- Currently, XAGUSD’s price is down $-0.02 (-0.07%) from the hour prior.
- This move is a reversal from the hour prior, which saw price move up.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
- Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on Silver. Given that we see downtrend on the 10 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 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 Investing is a game of waiting and waiting ….. you may find interesting:
looking at the chart, it is easy to say , buy here and sell here as the candles were already formed thereafter. Imagine on 27 Jul 20 where the first breakout candle happens, would you buy ? Most likely not, the strategic ones would buy on 30 July where it retraces with a bullish candle. But imagine you did not take any action and look at 11 Aug 20 candle where it plunge fairly deep. What would you say now? Smart of me not to get in , isn’t it ? And the next day, it surprises you once more and rebounded back to where it was …….Then came 1 Sept 20 and it brings the earlier buyers who got in on 30 July 20 saw their profits evaporated :(So, where are we now with Silver ? Avoid the complicated indicators and listen to the gurus who are more eager to sell you their “proprietary software” or courses but a few simple lines with logics may be of some help.We draw a line at 25.88 (around 25 is ok) where you see support and resistance as well. So, we can safely say, if it breaks below this support of 25.88, it would likely heads down to 22.76 where i…