Silver is on a Tear — Due for a Pullback?

The Daily View for Silver

  • At the time of this writing, XAGUSD’s price is up $0.15 (0.58%) from the day prior.
  • This move is a reversal from the day prior, which saw price move down.
  • 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 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.
  • 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 Derivatives data confirms the volatility; brace up traders you may find interesting:

If you find the analysis useful, please like and share our ideas with the community. Any feedback and suggestions would help in further improving the analysis! Quick glance: The market has been highly volatile over the past couple of weeks owing to the ongoing socio-political tussle. Both the weekly candles have large upside wicks signaling weakness in the price action. The derivatives data also points to a massive volatility with put to call ratios highly fluctuating. Market in the last 24hrs The past 24 hours have been another highly bearish session for the cryptocurrency market. The largest crypto has lost more than 7% and the total market cap dropped to $1.74 trillion. Today‚Äôs Trend analysis On the weekly timeframe, the present candle is having a large upside wick. Although there is a sign of forming higher lows, there is no confirmation being observed yet. The key resistance lies over the $41,500 mark and a massive support lies at $28,000. The only silv…

Mudrex