Silver is Down for the 2nd Day in a Row

The Hourly View for Silver

  • At the moment, XAGUSD’s price is up $0 (0.01%) 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 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 a pin bar candlestick pattern 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.
  • Of note is that the 20 and 200 hour changed directions on XAGUSD; they are now pointing down. 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.

XAGUSD

The Daily View for Silver

  • At the time of this writing, XAGUSD’s price is down $-0.01 (-0.06%) from the day prior.
  • The daily chart shows that Silver has seen 2 straight down days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day 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 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 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.

Below is a daily price chart of Silver.

XAGUSD

Featured Silver Idea From TradingView

Below is a trading comment entitled XAG/USD: silver is consolidating near 22.50 you may find interesting:

Current trendSilver prices show flat trading dynamics during the Asian session, consolidating near the local highs and the level of 22.50. Some pressure on the instrument yesterday was exerted by a further increase in the yield of US Treasury bonds, as well as the publication of rather optimistic data from ADP on employment in the private sector in the US. Market participants are now awaiting the September labor market report on Friday, believing that the strong data will increase the chances of the US Federal Reserve’s quantitative easing (QE) program cut by the end of this year.In tur…

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