Silver is Down for the 2nd Day in a Row

The Hourly View for Silver

  • At the time of this writing, XAGUSD’s price is down $-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.
  • Regarding the trend, note that the strongest trend exists on the 20 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 moment, XAGUSD’s price is down $-0.09 (-0.33%) from the day prior.
  • This is the 2nd day in a row Silver has seen its price head down.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 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 Silver Moves Lower As Treasury Yields Rise you may find interesting:

Silver did not manage to settle above the resistance at $26.30 and is testing the support level at the 50 EMA at $25.80. This support level has already been tested many times and proved its strength. However, silver had decent chances to get below this level as Treasury yields have moved higher in recent trading sessions.If sil…

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