The Hourly View for Silver
- At the time of this writing, XAGUSD’s price is down $-0.01 (-0.04%) 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.
- 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
- At the time of this writing, XAGUSD’s price is down $-0.39 (-1.54%) from the day prior.
- Silver has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
- Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 200 day moving average, resulting in them so that price is now turning 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 Tests Support At $24.50 you may find interesting:
Silver gained strong downside momentum and managed to get below the support at $24.70. Currently, silver is trying to settle below the next support level at $24.50. This support level has been recently tested and proved its strength.In case silver declines below the support at $24.50, it will head towards the next support level at $24.20. RSI remains in the m…