Silver is Down for the 2nd Day in a Row

The Hourly View for Silver

  • Currently, XAGUSD’s price is down $-0.01 (-0.03%) from the hour prior.
  • Silver has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists 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 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 time of this writing, XAGUSD’s price is down $-0.34 (-1.39%) from the day prior.
  • This is the 2nd day in a row Silver has seen its price head down.
  • 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 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 – More Downside you may find interesting:

XAGUSD. Silver. Wave C has made a complete 100% extension of wave A. As there seems to be weakness at this resistance area, it can be concluded that the correction may have ended here. We are likely to see more weakness in Silver in the coming weeks.

thetradingroom_