Silver is Down for the 2nd Day in a Row

The Hourly View for Silver

  • Currently, XAGUSD’s price is down $-0.01 (-0.04%) 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.
  • Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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 $-0.09 (-0.38%) from the day prior.
  • The daily chart shows that Silver has seen 2 straight down days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 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 WHAT NEXT….1810/1780…..GOLD…..TODAY…. you may find interesting:

COMEX….TGT1👍 ALMOST ACHIEVED AGAIN TODAY ALSO IN GOLD AND SILVER——SEE TODAY’S BUY CALL……..WHAT NEXT GOLD AND SILVER TODAY??See….Gold….made a high@1797.85 range again today also…. against buy@1782.00-1785.00 range today on few hours ago……See…..Silver….made a high@24.255 range again today also…… against buy@23.900-24.000 range today on few hours ago……What next???S1 $1780.00/R1 $1810.00……Gold……Today…..S1 $23.700/R1 $24.700…..Silver……Today….

hiren_garasondia1