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 $-0.03 (-0.12%) 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.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
  • Of note is that the 100 hour changed directions on XAGUSD; it is now pointing down. 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 $-0.02 (-0.07%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Silver has now gone down 4 of the past 5 days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • 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.
  • Divergence between XAGUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAGUSD’s price.

Below is a daily price chart of Silver.

XAGUSD

Featured Silver Idea From TradingView

Below is a trading comment entitled Long you may find interesting:

Today, gold and silver will rise sharply because the pivot point is narrow, 4H and the daily and weekly MACD are all bullish. DXY will also fall sharply. I picked up the silver order very early this morning and…

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