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 $-0.05 (-0.21%) from the hour prior.
  • The hourly chart shows that Silver has seen 2 straight down hours.
  • Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
  • Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning 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

  • Currently, XAGUSD’s price is down $-0.01 (-0.03%) from the day prior.
  • This is the 2nd day in a row Silver has seen its price head down.
  • Regarding the trend, note that the strongest trend 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 and 10 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 Support At The 50 EMA At $25.70 Stays Strong you may find interesting:

Silver is currently testing the nearest resistance level at $25.85. In case this test is successful, silver will have a chance to get to the test of the resistance area at $26.25 – $26.30. Silver made several attempts to settle above this area in recent trading sessions but did not manage to develop sufficie…

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