The Hourly View for Silver
- At the moment, XAGUSD’s price is down $-0.02 (-0.08%) from the hour prior.
- Silver has seen its price go down 8 out of the past 10 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.
- Price action traders may also wish to note that we see a doji candlestick pattern on Silver. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration.
- 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.
The Daily View for Silver
- Currently, XAGUSD’s price is up $0.53 (2.36%) 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 50 day timeframe.
- Most noteworthy in the world of moving averages on the daily chart is that the 20 day moving average has been crossed, so that price is now turning above it. 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.
Featured Silver Idea From TradingView
Below is a trading comment entitled Is Silver About To Have a Massive Breakout? – 30 USD you may find interesting:
On the 4 Hourly we are seeing a massive Inverse Head and Shoulders pattern. I believe that the inflation data by the FED minutes, is going to send Silver to breakout from the downtrend it has been on for some time. Stay tuned…