The Hourly View for Silver
- At the time of this writing, XAGUSD’s price is down $0 (-0.02%) from the hour prior.
- It’s been a feast for bulls operating on an hourly timeframe, as Silver has now gone up 4 of the past 5 hours.
- Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
- Price action traders may also wish to note that we see a pin bar candlestick pattern on Silver. Given that we see downtrend 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 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.
Silver’s hourly price chart is shown below.
The Daily View for Silver
- Currently, XAGUSD’s price is down $-0.7 (-2.7%) 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 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 below 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.
Featured Silver Idea From TradingView
Below is a trading comment entitled Silver Continues To Move Lower you may find interesting:
Silver gained strong downside momentum after it managed to settle below the key support level at $25.85. Silver has already managed to get below the next support at $25.55 and is currently trying to settle below the support at $25.20.In case this attempt is successful, silver will head towards the support level at $25.00. A move…