Silver Just Breached This Major Moving Average Level

The Hourly View for Silver

  • Currently, XAGUSD’s price is up $0.03 (0.11%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour 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 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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 up $0.27 (1.11%) from the day prior.
  • This is the 3rd day in a row Silver has seen its price head up.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 100 day moving average, resulting in them with price now being above it. 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 SILVER INVERSE HEAD & SHOULDERS you may find interesting:

LONG trade analysis on SILVER .Graph is looking bullish if price breaks upper resistance zone . Price is about to complete Head and Shoulders Pattern . Predicted TP is set 2times of Head height which is also recent swing High . Trade idea is also shown on RSI indicator.If you liked this idea or if you have your own opinion about it, feel free to write in the comments.

Zanchy